Without the right insurance, contractors may not be able to land any contracts, even if they have the necessary experience. From pollution liability insurance to worker’s compensation, here are some of the coverages that you’ll want to include in your policy when starting your business.
General liability is intended to cover you in instances where a third party claims to have sustained an injury or property damage because of your business. If a lawsuit is filed, your policy will pay for the legal and medical fees for which you are liable.
Pollution liability insurance is specific in that it covers your business in case pollution from your work leads to injury or property damage to a third party. The funds from this coverage can also be used to help limit the amount of pollution from your project.
Builder’s risk insurance covers you in case your worksite is damaged by a fire, explosion, hail or wind. The policy will pay for damages up to the coverage limit.
Workers’ compensation insurance covers your employees in case of an accident which leads to injury or illness. Your policy will pay for medical and legal fees associated with the incident as well as any lost wages during time off.
There are several other insurance options that can help ensure that you’re fully protected during your project. Work with an experienced agent for help building out a policy that meets your needs.