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Best Advice About Construction Company Insurance

 
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Old 07-23-2020, 06:43 AM   #1
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Best Advice About Construction Company Insurance


Best Advice About Construction Company Insurance

Buying construction company insurance, in essence, is paying money to transfer your risks to another company. When you look at the insurance you need for your company, there are four categories to address.

These are Property, Liability, Workers Compensation, and Commercial Auto Insurance. This should form the core of your insurance solution.

Property Insurance

In the context of construction company insurance, this means Builder’s Risk Insurance. It is specialized insurance that applies to the renovation of buildings and the construction of new ones. This coverage protects your materials and your equipment from events like fire, bad weather, vandalism and theft.

If your expensive tools were stolen from the site overnight, would you have the money to replace them? If the answer is no, then Builder’s Risk Insurance is essential for your business. It is an inexpensive way to protect your business.

Liability Insurance

General Liability (also called Contractors Liability) protects you when you are sued for damaging another person's property and/or inflicting bodily harm. This is possibly the most important coverage you can have as the cost of a lawsuit can ruin your business. This insurance is also generally required by law. It will assist you with your legal defense as well as the settlement amount. This construction company insurance covers you for the following liability claims:
  • Claims of damage to the reputation of another (personal damages)
  • Liability for causing bodily harm
  • Liability for third-party property damage
  • Advertising mistakes resulting in financial loss for another
Workers Compensation

If you have employees by law you need this insurance. It covers them if they are injured at work. Your liability coverage does not include injuries to employees- only those to third-parties. This insurance assists with medical care costs required by your worker after an accident. It also helps with loss of income payments.

If an injury occurs and you do not have this insurance the consequences are serious. You can face a big fine and you will also be personally accountable for costs for the employee. This can be very expensive.

Commercial Auto Insurance

This insurance protects the vehicles you use in your business. It covers you for damages to vehicles in an accident as well as medical costs. It also helps with liability costs if your employee causes the accident. Your personal auto insurance will not protect your vehicle if you use it for work.

Other advantages

There are positive advantages to having the right construction company insurance. Potential clients can see that you are a responsible business owner. They are confident to appoint you as they know if something goes wrong you are not going to go out of business.

It also signals to your employees that you are considering their livelihood and well-being. This is conducive to a happy and productive workforce.

Does your business have the Construction Company Insurance it needs?

Farmer Brown Insurance specializes in this type of insurance. We can answer all your questions regarding your insurance needs. Call Farmer Brown Insurance on (888) 973-0016.
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