Construction insurance is necessary if you plan on running a successful construction business. Accidents can happen at any time, irrespective of how hard you work to prevent them. Construction is a unique business and requires several different types of insurance policies to protect the owner from financial disaster adequately. You need to be able to defend yourself, your business, your employees, and your customers from a variety of events that can be very costly. Being underinsured can have a devastating impact on your business. With the right amount and types of coverage, you can rest assured that your company will be able to face any obstacles that may get in your way.
Construction Insurance and the Appropriate Coverage
In the construction industry, you are dealing with many different risk factors. This includes work-related injuries, product liability, and errors in quality. There are several types of insurance policies that you may need to cover the different risks you face. Not every type of construction project will require the same kind of insurance, so discussing all your requirements with an agent is important to make sure you have everything you need. When you start to look for policies, know what risks your type of construction must be concerned with.
Different Types of Construction Insurance and Their Usage
There are several types of insurance policies you will need if you work in construction. Workers’ compensation is one of the most important and will protect both you and your employee if they are injured while on the job. General liability coverage will protect you from many different forms of liability, including injuries to a third party if they have an accident on the job site. Third-party insurance is essential if others are also working in the area. If your company owns any vehicles, you will also need a good auto insurance policy.
The cost of Construction Insurance
Your insurance costs will depend on several things. The amount of coverage you decide on will be one of the determining factors. Every insurance provider is different in terms of cost as well. The location and size of your business will also be considered. You can help adjust the premium by raising your deductibles, but this is a decision you will need to make when working with your agent.
Having the right types of insurance in place when you own a construction company is important. Contact our professional agents at Advanced Insurance Group today. We can analyze your needs and evaluate your current policy. We have the knowledge and experience you can count on to ensure you have the right types of coverage in place at all times. Before you take your first construction job, make sure you have insurance in place that will protect you from any kind of risk.