Being a construction contractor can be a highly lucrative career. However, there are many different risks and liabilities that will need to be managed. To help you with managing these risks, there are some types of contractor insurance that you should always carry as well as some other steps that can help to reduce your overall liabilities.
Make Sure You Have Coverage For Worker Injuries
Unfortunately, it can be common for workers at construction sites to suffer injuries as a result of accidents. If you lack the appropriate insurance for these situations, you could be fully liable for the costs of medical treatment, permanent disabilities, or other costs associated with the injuries. Making sure that you have ample workers' compensation coverage for all of your employees.
Ensure You Have A Surety Bond For Any Projects
Once you have accepted a preliminary offer for a project, you may want to consider investing in a surety bond. These bonds are designed to protect both the client and the contractor from faulty or otherwise incomplete projects. In addition to being a wise form of protection to have, it is also a mandatory type of coverage for many contractors.
Have Coverage For General Liabilities
A construction project site can be an extremely active area, and it can be common for a variety of accidents to occur. These accidents can lead to sizable and costly damages. A general liability policy can help to shield you from these incidents. When choosing a general liability policy, you should opt for one with the most comprehensive coverage terms and the lowest deductible. It can be difficult to anticipate the full range of potential accidents that can occur. By having a wide-ranging policy, you can protect yourself from as many possible accidents as possible. Low-deductible policies can be useful in situations where you are already facing budget shortfalls as it will limit the amount you will have to pay for the coverage to start paying for these costs.
Perform A Safety Inspection Of Your Project Site
While having good insurance coverage can be useful when these accidents occur, preventing these accidents from occurring in the first place should always be the main goal of the business. For this reason, regular safety inspections should be performed of the construction site. This will allow for seemingly minor or inconsequential issues to be corrected before they can lead to serious damages or accidents that could result in legal actions.
After I graduated college, I started to feel like an adult. I started teaching at a school. I also bought a car. And I became the owner of several insurance policies. I obtained a comprehensive insurance policy for my car. I also secured my first life insurance policy at this time. I didn’t want my family members to be burdened with funeral costs if I suddenly passed away. A few years after graduating college, I became a homeowner. After this joyous occasion, I invested in a homeowners insurance policy. On this blog, I hope you will discover the most common types of insurance people purchase.