Owning a construction company may provide you with a lot of satisfaction, but you may also experience some trepidation because of the risks associated with your chosen industry.
When it comes to protecting your company, you can take many steps, including purchasing the right insurance in order to help you through any rough times that arise.
You need coverage for several contingencies
When choosing the right insurance for your company, you need to consider several factors, such as the type of work you do, the number of employees you have and the size of your company. You will more than likely need to insure your company against claims relating to work-related injuries, incidents caused by third parties, equipment and/or property damage, and an interruption to your business due to storm or fire damage. In order to cover these and other risks, you may want to consider the following types of insurance:
- You may need workers’ compensation insurance to cover medical expenses and a portion of an injured worker’s income.
- You need coverage for your commercial vehicles to cover property and bodily injury damages. Your insurance should cover when an employee causes an accident and when an employee is the victim of an accident.
- A general liability policy covers any bodily injury or property damages attributed to your company.
- Professional liability insurance protects you when you make an error or omission that causes financial harm to a client.
- Builders risk insurance protects you from damage to the property on the construction site and the site itself.
- You may invest in extra expense insurance that covers your company’s rental payments for a new location when you cannot use your primary location due to a covered loss.
These are many different types of insurance. However, in your business, you never know when you could be facing a claim from an employee, the property owner, a third party or someone else. A thorough evaluation of your company could reveal the types of insurance that would most benefit it.
This is where it could get complicated
Purchasing the right insurance is only half the battle. You may also need to make claims against those policies, and sometimes, insurers do not honor their part of the agreement. Even when you faithfully paid the premiums and made sure that you followed any requirements of the policy, the insurance company may attempt to deny or delay your claim.
In the meantime, you are facing a lawsuit from a party who believes you liable for the circumstances that gave rise to the dispute. You will probably need legal guidance and assistance to overcome these obstacles and get your business back on track.