blog 2The insurance you purchase for your construction business can play a huge role in whether or not your company is a success or failure.

The right coverage varies for each construction business, taking into account the size of the company, the number of employees, and the types of projects your business works on.

One thing to be sure when selecting insurance for your construction business is that all potential risks associated with your work, and your employees work, are covered.

What are the types of risks my construction company can face?

There are four common types of risks that any construction company will face. This includes property damage to any company property or equipment, loss of income due to unpredictable events like a severe storm, job-related employee injuries and injuries or damages caused to others who aren’t part of your construction company.

How can I protect my construction company from these risks?

As mentioned earlier, the right construction insurance can help protect your business. Here are some policies that you may want to consider adding into your insurance plan:

  1. General liability: covers up to $1 million in property damages or injury to others
  2. Medical payments: covers any injuries that occur on your business property
  3. Property damage: covers your business property for any damages or loss
  4. Business income: covers any loss of income for up to 12 months in the instance there is an interruption to your business such as a storm or fire
  5. Rental vehicle coverage: covers any damage to vehicles you may rent for your business

How do I update my construction business insurance?

Talk to your insurance agent and fill them in on what you are looking for. They will be able to look into your insurance and identify any potential holes in your coverage and will help you find the right amount of coverage for your construction business.