Wednesday, April 22, 2015

Insurance for the Construction Industry

All businesses need business insurance that is customized to them and their specific needs. This is particularly true of the construction industry, where the workers often face more risks and hazards on a daily basis than the average worker faces in a year. With construction workers, there is always a risk of being injured in an accident, and for the companies they were for, there is the constant fear of being sued after an accident occurs. All people working in the construction industry, no matter what their title or position, need specialized coverage, especially the construction companies themselves

Contractor’s Liability Coverage    

Construction businesses have to make sure that their sites are safe places. Unfortunately, even when they do that to the best of their abilities, accidents can and do still happen. In the event that a third party tries to sue the company due to an injury or property damage, contractor’s liability coverage comes in handy. It can cover medical costs, legal expenses, and settlements resulting from the incident.

Errors and Omissions Coverage

Even the very best building businesses make mistakes from time to time. If those mistakes cause problems, however, the business can be held responsible. If, for example, a building isn’t designed properly, and that design flaw later results in a loss of business or some other serious problem, the construction company is held responsible for any and all losses suffered by the client as a result. The good news is that emissions and errors coverage can help businesses to handle and recover from these kinds of mistakes, though, of course, it’s always best if they don’t happen in the first place!

Equipment Coverage

Construction equipment is incredibly expensive and incredibly necessary for building work to be done properly. That’s why when it gets stolen or breaks down, construction companies can be out some serious money. Luckily, with equipment coverage, they can receive insurance funds to pay for necessary repairs or buy new equipment when the unexpected happens, without the expenses taking a major toll on their business.

Commercial Auto Coverage

People have to have insurance coverage for their personal vehicles, so it makes sense that they would also be required to hold coverage for their commercial vehicles. If an accident happens when an employee is on his way to a job site or is simply driving a company vehcle, the company needs to have a good enough commercial insurance policy to help cover any associated damages or other costs.

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