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Few industries are as important as the construction industry. Construction workers, managers, and companies make it possible to do business, live, and get from place to place.
Construction can be a high-risk career path. From dangerous tools to dangerous heights, there are an almost countless number of ways one can get injured while performing construction work. While few industries take safety procedures as seriously as construction, accidents can and do still occur.
All construction companies need to purchase several types of insurance. To simplify the process, read on to discover the insurance policies most relevant to the construction industry.
The primary concerns for construction companies involve workplace injuries and property damage. The following insurance policies will help to cover these concerns.
Commercial Property Insurance is designed to insure your business property. This insurance covers the loss of commercial property on your premises for reasons such as fire or theft. This insurance policy will often cover the cost of income as a result of lost property.
Some states and cities may require you to purchase General Liability Insurance as a prerequisite to obtaining a business license in construction. This insurance policy will cover two common concerns for your business: personal injuries that can occur on your property and damage to the property of others by your company.
Construction workers are often at risk for on-the-job injuries. Construction companies should strongly consider purchasing Workers Compensation as a standard type of insurance. In most cases, your local or state government may require your business to hold a Worker's Comp policy due to the nature of the work.
A Business Owners Policy, or BOP, is an excellent solution for construction companies that need to purchase both General Liability and Commercial Property Insurance policies. A BOP will cover the needs of both policies while minimizing the added paperwork required to hold two separate policies.
You’ll Need This When…
You first open your business. Most construction companies own extremely expensive equipment. The loss of this equipment can occur starting on day 1.
A break-in on your property could result in the loss of thousands of dollars in equipment. A Commercial Property Insurance policy will cover this instance and similar situations.
You’ll Need This When…
Your business begins operations. While construction companies rarely have clients come to their physical offices, it is not uncommon for construction companies to accidentally damage property during normal business operations.
If a worker accidentally scrapes a car on the street with a piece of heavy equipment, your company will be liable for the damage. A General Liability Insurance policy will likely cover this type of property damage.
You’ll Need This When…
You first begin construction work for clients. Even the smallest construction job could result in an injury for one of your employees.
An employee who falls from a ladder while retiling a roof will qualify for Workers Compensation. If your business does not have this policy, that worker may sue the company for loss of income due to the injury. In most cases, he will be successful, drawing a payout directly from your business. A Workers Compensation policy covers this and any other injuries that are a direct result of performing work for your company.
The size of your company, the number of employees and where you do business will all have an impact on the cost of your insurance. Get a quote to get a better idea of how much insurance for your company will cost.
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