Construction sites are plagued with dangers that can result in serious injury and extensive property damage. From hazardous materials to falls from heights, contractors must use extreme caution to keep themselves and those around them safe. However, even the best-run construction site is not immune to threats. That is why most contractors carry construction insurance.
Construction insurance policies are essential for every construction project you take on, big and small. With the right insurance coverage, you can protect your employees and livelihood from the financial repercussions that can result from errors, mistakes and unseen events. Construction insurance can also provide financial compensation for certain covered losses to your building or structure.
Protecting Your Construction Site
As a construction company, you have access to a variety of costly equipment and materials that are vital to your business operations. If the equipment or supplies were to become damaged or go missing, your work would likely be delayed, which would cost you money. Construction insurance allows contractors to protect their construction site, equipment and materials.
It can also protect you and your business against losses from faulty repairs or installations, property damage lawsuits and work vehicle losses that may occur on the job. Some insurance policies can even be useful if you need assistance with debris removal or experience pollution problems.
Advantage of Construction Insurance
Contractors face a plethora of risks every time they walk into a construction site. As there are many variables that cannot be controlled, it is important for construction companies to maintain comprehensive construction insurance policies that protect both the business and its employees. Construction insurance covers a number of different situations, such as bodily injury, property damage, employee protection and the occurrence of legal fees in the event that you are sued and go to court. Without the right insurance policies, just one small slip up could result in the closure of your business. Here is a look at some of the top advantages of construction insurance and why you should begin the process of shopping for specialty insurance.
Protects Your Contracts
As a construction company, it is important to remain in good standing with your contracts. Failure to adhere to certain laws and regulations could result in voided contracts, which can lead to a substantial financial loss and negatively impact your brand. Experienced construction companies understand the importance of protecting their contracts and maintaining a good relationship with clients, suppliers and other groups that affect their work. In many cases, a client will refuse to sign a contract with you if you do not have the proper construction insurance. Many clients understand the importance of safeguarding against common threats that occur on construction sites and want their contractors to be fully protected against these risks.
Caters To Unique Needs
Construction insurance is designed to cater to the unique needs of contractors and workers who perform their duties on construction sites. To meet the unique needs of all types of contractors, there are different types of construction insurance available. For example, builders risk insurance provides coverage for buildings and other structures while they are still under construction. General liability insurance provides contractors with liability protection in the event of bodily harm or property damage in the course of business. There are also other important policies to consider if you own or operate a construction company, such as commercial auto insurance, inland marine insurance and workers’ compensation insurance.
Same-Day Insurance Certificates
In your line of work, it is normal to experience last minute jobs that need to be started immediately. However, this does not leave much time to acquire an insurance policy for your business to protect against certain risks. This is when same-day insurance certificates can come in handy. When you acquire a same day insurance certificate, you can rest easy knowing that your business will not be liable for certain covered incidents that occur on your construction site or involving your commercial vehicles. Same day insurance certificates are fast and easy to obtain and can help ensure that you never have a lapse in coverage.
Consult with JMG on Specialty Insurance
Many construction companies simply purchase a general liability policy and call it a day. However, this type of insurance is usually not enough to properly protect your business against the unknown. When choosing construction insurance policies for your business, it is important to take into consideration where you live, how many employees you have, how many projects you take on each year, the cost of these projects and how much insurance you will need to maintain adequate coverage. To learn more about construction insurance or to acquire any type of construction insurance policy for your business, contact the experienced insurance experts at John M. Glover today.