Fixing a roof without Construction Insurance is like walking a high-rise tightrope with no harness. It may seem like a good idea at the time, but if something goes wrong you may not recover. Could you afford it if you damage the building you are working on and have to pay for the repairs out your own pocket?
What Construction Insurance Do You Need?
There are a variety of events that can go wrong on a building site. You can protect your business from the consequences of these with the right insurance. When you have the big three of General Liability, Workers Compensation and Builder’s Risk Insurance, you are ready to take on any project.
The Big Three
Let’s look at what these three can do for your business:
1. General Liability Insurance
As a business that values its reputation, you take utmost care to ensure your site is safe. Accidents do happen, however. Scaffolding could fall over and damage your neighbors roof. A visitor to the site could trip on an unmarked obstacle and break a leg. General Liability provides coverage if you are sued for negligence for property damage or bodily injury to another.
2. Workers Compensation
This insurance provides for the medical costs and loss of income if an employee is injured whilst working on your site. General Liability does not give you coverage for your own employees. This coverage is required by law. If you do not have it you will be liable for the medical and associated costs of your employee, and you will also face a hefty fine. Besides the legal requirement it makes good business sense to have this insurance.
3. Builder’s Risk Insurance
Builder’s Risk Insurance is property coverage. It protects you from many events that are common on a building site. Your policy is customized for your unique requirements so you include coverage for the risks you are likely to face. Some typical things that happen on a site include the theft of tools, damage to the building from fire or wind, vandalism, damage to equipment or materials.
Your Builder’s Risk policy may come with some exclusions so speak to the professionals when you buy yours. That way you can be sure of your coverage and make changes if you need to.
Do you need them all?
General Liability Insurance and Workers Compensation are mandatory requirements in most States. Builder’s Risk Insurance is optional coverage but the benefits it delivers make it a no-brainer. Having this insurance demonstrates to clients that you are a professional. It could also be the lifeline you need in the event of an accident on your project.
Get The Best Construction Insurance Today
You wouldn’t get medical advice from your motor mechanic; you’d speak to your doctor. In the same way it makes sense to speak to the experts for your insurance needs. Our agents at Farmer Brown Insurance have years of experience in the industry and will tailor a policy for you. Speak with us at Farmer Brown Insurance on (888) 973-0016 and protect your business