Taking the right steps to protect yourself and your assets are key when you work within the construction industry. One of the easiest ways to ensure your safety is by taking out a sensible insurance plan. There are two very specific plans that you require to stay protected in a financial sense Builder’s risk insurance and construction general liability insurance are both essential for your long-term success in your industry. Some people believe you only need one or the other, but having both of these policies in place is absolutely necessary for building a sensible plan for your organization.
Getting In-Depth With Your Policy
As stated by experts in the industry, a construction insurance policy needs to reflect the work the business conducts. Construction can include many different areas and involve an array of responsibilities. If your company specializes in a niche area of construction or renovation, take time to look over your options and make sure that you are fully covered against the most common risks of your particular field. You can rely on your builder’s risk to cover areas like fire and other potential exposures. General liability, meanwhile, will handle commonplace business risks. To cover all your bases, consider the following:
- Do you need to provide workers’ comp?
- Do you have subcontractors on-site frequently?
- How are errors and omissions handled?
Craft Your Plan Around Your Needs
By thinking about the most important insurance plans first, you can start to build a suitable package that fully protects your construction business. Take your time, explore your options, and discover the right fit for you.