Got A Construction Business? Types Of Insurance You Need

Got A Construction Business? Types Of Insurance You Need

You can’t work in construction without insurance. Construction comes with many physical risks. Because there’s always the possibility of an accident. Accidents can affect your equipment, employees, or other individuals. So you need insurance. And this is something we’ll help you with. Below are the 4 types of insurance you need, and why you need them!

1  Worker’s Compensation

As a business owner, you have employees on-site doing the contracting work. So there’s always the possibility of them getting injured.

Injuries can come from:

- Misuse of electric tools
- Handling heavy loads
- Accidents working on high grounds

The severity of the accident can cost you thousands in medical bills. However, with worker’s compensation, the insurance company takes care of the costs.

2  Property Insurance

It’s a necessity for contractors that use expensive tools. Because maybe your business uses heavy duty equipment. Examples include anything from trader toolboxes, to cement mixers, or even storage houses for equipment. If your property/machines are damaged, you need compensation.

How Property Insurance Protects You

It protects you from theft-related damages. If you get robbed, you can get reimbursed for what was stolen. It also protects your money against natural disasters (like earthquakes) and accidents (like fires). So with property insurance, you pay a fee to protect your assets.

3  Vehicle Insurance

If you own a construction business, you likely own a few vehicles. Those vehicles transport materials in mass or they transport heavy equipment. This could be anything from steel beams to marble or even a finished custom job. You need insurance for your vehicles. Because accidents can happen. And you need compensation for your transport mechanisms. Without your vehicles, delivering materials and finished jobs grinds to a halt.

4  Professional Liability Insurance

This protects you from clients suing for damages. Why? Because sometimes, accidents happen that damage client property. And someone has to pay for those damages. With a professional liability insurance, an insurer covers the compensation you’d pay the clients.

Is This Form of Insurance Vital?

It is, f you work in repairing the personal property. Home repair contractors need this insurance. For example, roofers require liability insurance as a staple. Why? It’s because roofing jobs are difficult. They’re done from high grounds, with difficult installations. So the chances of accidents are quite high.

Time to Shop for Insurance

And we know someone who can help you out. Try Contractor’s Liability. They provide both liability and worker compensation insurance. Their packages are diverse, suitable for all sorts of construction work. They cover dangerous construction jobs, with “custom insurance services.” Specifically, they can provide you a roofer’s insurance certificate.

Be sure to visit their website, and read up more on their services!

Constructaquote's roofers insurance