Understanding Your Construction Insurance Needs

Understanding Your Construction Insurance Needs

Construction projects face various types of risks. Hazardous conditions such as elevated platforms and confined spaces pose a threat to all onsite personnel. The use of heavy machinery and power tools can cause injury to workers. These are some of the risks to safety and health. You also have other exposures to consider. What if a fire destroys a project that’s under construction? What if your equipment gets stolen? What insurance do you have to protect the financial interests of your construction business?

Keeping It Together

Construction practices like yours need different types of insurance to mitigate different types of risks. Some common coverages for construction include the following:

  • Construction liability insurance: Covers bodily injury or property damage for third parties while on the premises of a project
  • Builders’ risk: Protects a project from fire, theft, vandalism, and other natural disasters
  • Workers’ compensation: Pays for medical bills and lost wages for workers injured on the job
  • Errors and omissions: Covers claims of negligence, mistakes, and oversights
  • Commercial auto: Covers operation of company vehicles 

Protecting What Matters

A loss or claim not covered by insurance can put the financial health of your business at risk. Protecting your business from operational exposures with the right insurance is your responsibility. It’s important to assess the needs of your work and check regularly for gaps in coverage.

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