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Building insurance keeps your construction business running in a risky industry. Construction is complex and it has many components.  Many things are beyond your control and can go wrong. In this article let’s talk about some of the risks your business faces and how insurance can help you.

 

Safety on Site 

 

Statistics show us how hazardous a construction site can be. For example:

 

  • Every year 1 in every 10 construction workers is injured.
  • Construction workers account for 1 in every 5 deaths in the workplace.
  • In a career of 45 years in construction, you have a 1 in 200 chance of sustaining a fatal injury at work.
  • Half of the deaths that occur on construction sites are self-employed workers or from companies with less than 10 employees.

 

The importance of safety on site cannot be emphasized enough.  It requires proper implementation of controls, constant management, and the right insurance. Workers Compensation is essential for a number of reasons:

 

  • Your employee is protected if they are injured at work and their medical fees as well as loss of income is covered.
  • It is required by law and you can face hefty fines if you do not have it when a workplace injury occurs.
  • It shows your employees you care for their well being, and this leads to better morale, commitment and performance in the workplace.

 

Fire on Site

 

Every year more than 6000 fires occur on construction sites.  Some of the main causes of fires are:

 

  • Temporary lighting and electrical installation.  This should be installed to code and be checked regularly by the site electrician. Notwithstanding this remains a common cause of fires on site.

 

  • Hot work.  Sparks caused by grinding, welding and soldering can cause fires.  Using power tools can also be a problem if they overheat and cause combustion.  The presence of flammable materials makes this an even bigger danger.

 

  • Smoking.  Discarded cigarettes are often the cause of flare ups.  Specially designated smoking areas should be created or smoking should even be banned on site.

 

  • Cooking. The fires caused by workers cooking and warming food are usually small and inflict little damage, but they cause many of the fires that do occur.  Many sites ban cooking from the site for this reason.

 

Building insurance protects you from the damages caused by fires.  There are more causes of fire than those listed above and running a safe site is very important.  Ensuring you have Builder’s Risk Insurance that covers you for fire is equally important as even the best controls cannot prevent all fires on site.

 

Theft and Vandalism on Site

 

Theft is one of the most common complaints in construction.  It results in many losses on site from wrenches, to ladders, to bulldozers, and everything in between.  Your building insurance can give you coverage for theft so you don’t have to bear the replacement costs, and you can continue working.

 

What Building Insurance do you need for your business

 

Our agents at Farmer Brown are experts when it comes to the building insurance you need.  They will tailor a Builder’s Risk policy for your unique needs and get you the coverage you need.  You can manage the progress of your project knowing you have the necessary insurance when things go wrong.  Call Farmer Brown Insurance on (888) 973-0016.

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