Covering Your Construction Business With Insurance

Let’s face it. It doesn’t matter whether you build skyscrapers or sheds. The construction business is a risky one. There are hazards on the job site that can cause injury to crewmembers such as heavy machinery and site conditions such as confined spaces and high platforms. You also have to consider threats to project performance such as natural disasters and global conflicts that could impact your schedule and supply chain. Even home contractors have to manage and mitigate their risks with various coverages. 

Coverages You Can Use

While different construction companies may require different levels of coverage, generally the following products are advised for those in the business of building:

  • General liability: Covers injuries by third parties on the premises, such as an inspector or owner’s rep
  • Workers’ compensation: Covers medical bills and lost income for workers injured while on the job
  • Professional liability: Addresses claims due to negligence or errors in work product
  • Builders’ risk: Handles losses and damages for projects that are under construction and not formally accepted by an owner
  • Commercial auto: Covers vehicle operations for business purposes

Other specific coverages may be necessary for the way you work, such as damages to materials in transit, and pollution or contamination caused by your operations.

Forming a Complete Plan

Home contractor insurance claims shouldn’t put your business at risk. When you have a complete plan, you’re investing in the present and future of your company. Choose an insurer that understands the needs of your business.