Managing a construction company isn’t easy. All activities in this industry have associated dangers that may put your worker’s life at risk. Innovative and large-sized machines can make the work get done faster. But, it also alleviates the possible injuries that you or your workers may experience.
If you already have contractor insurance, you give your workers the confidence to work without worrying about their safety. But, does your insurance offer the right coverage? The following are the three most essential types of contractor insurance you may add to your current one.
General Liability Insurance
This type of contractor insurance protects a construction company against property damage. It also covers expenses when one of your contractors has been injured at work. Beyond that, the coverage of this contractor insurance extends to reimbursing legal costs. This is beneficial, especially if your company is found responsible for the damages or injuries that happened.
It will also protect your company from harm caused by a faulty installation of your product. In addition, it can also reimburse you for the damages your project caused to others’ property. But take note that it does not cover any deductions or expenses due to professional negligence.
Builder’s Risk Insurance
This insurance protects the company and the builder against different hazards associated with the project. Builder’s Risk Insurance covers expenses caused by property loss, especially if your company experiences damages brought by natural disasters.
Between the property owners and builders, the latter will be held liable for risks on the site. Thus, as a company owner, this type of insurance is a must-have.
Contractors Equipment Insurance
The contractor’s equipment may be damaged or lost because of a flood, fire, or theft. When this happens, the contractor's equipment insurance may reimburse you. The good thing about this type of contractor's insurance is that it covers everything that commercial property insurance does not offer.
Most construction companies are prone to risks. Thus, it is your job to protect your business and contractors against these hazards. The construction industry can have more than one contractor’s insurance. In line with that, you can combine two or more of the three types of contractor insurance mentioned above.
At Black and Associates Insurance, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (509) 464-0058. You can also request a free quote by CLICKING HERE. The coverage discussed is not guaranteed. Please contact our agents to make sure you have adequate coverage and your needs are being met. We are happy to help!
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