Insurance is not the most fascinating topic to talk about, but it is a necessity for business owners everywhere. For those in the construction field, knowing which insurance is right for the business can be even tougher. When it comes to construction insurance and more, you need help. Here are a few of the different construction insurance types your business needs.
- General Liability
Most of the construction policies out there will include coverage for things like property damage or bodily injury. Given the inherent dangers that come with working on a construction site, it only makes sense to have that general liability insurance.
This is one of the essential aspects of insurance as far as running a construction company. This is publicly covering the liability that comes with any kind of project, also known as completed operations liability. This is what covers the project not only after it has been finished but can even cover the project for years to come after its completion.
- Workers’ Compensation
Accidents happen in just about any business setting, but they are more common in the construction setting. When it comes to construction insurance and everything in between, workers’ compensation is an absolute must for a lot of reasons.
In the event that someone gets hurt on the job, their health care will be covered. There is also the ability to cover lost wages and any of the other potential financial losses that can come from someone experiencing an injury on the job. The last thing you need to do is not have the proper insurance and wind up costing your company.
- Commercial Auto
In construction, there are going to be vehicles on the job site that are required to get the job done. Because of this, a commercial auto policy is required to protect your business against the liability that comes from operating the vehicles.
This type of insurance will keep your business protected from liability in an at-fault accident that results in property damage or personal injury. It can cover damage to the car as well and even insure things like permanently installed truck equipment, which gives you extra coverage for that necessary equipment that any construction site would use on a regular basis.
- Excess Liability
General liability is a must, but this is the kind of policy that goes to contractors who are looking to increase their workers’ compensation, commercial auto, or general liability insurance policies to something a bit more thorough and comprehensive.
Most of the primary general insurance policies top out around $1,000,000. If you want any more coverage than that, excess liability coverage would need to be purchased. The good thing is that the limit requirements can be customized to suit your needs. Having that additional coverage is usually for contractors who take on bigger jobs and have a larger staff. It offers the peace of mind of knowing that everything is covered when you need it.
- Contractors’ Equipment
Every contractor has a set of tools that they need to take with them from job site to job site. These can cover just about anything, starting with small hand tools and going all the way up to huge pieces of machinery. As common as damage and theft are, this is one of the most crucial forms of insurance.
This policy covers the equipment that goes from job site to job site. There are even some insurance policies out there that can provide coverage for materials that haven’t yet been installed for a specific project.
