3 Types of Insurance to Protect Your Construction Company from Risk
The construction industry faces substantial amounts of risk, but it is also one of the most profitable markets in the world’s economy. There are a lot of moving parts, and as a business owner, it’s important to ensure that you are well protected. Let’s take a look at 3 types of commercial insurance that your construction company may need to stay protected from risk.
1. General Liability Insurance
General liability insurance provides protection for damage inflicted upon third parties resulting from your negligent acts. A few specific examples could be:
- Bodily Injuries suffered on your commercial premises
- Any damages to another party’s property resulting from your negligence
- Bodily Injuries resulting from an installation you perform
2. Professional Liability Insurance
While general liability insurance focuses on your negligent acts in building a job, professional liability insurance focuses on any design work done on the job. Additionally there can be coverage for resulting economic losses if your job does not perform as it should or meet specified performance requirements.
3. Workers’ Compensation Insurance
The construction industry is full of injury-related risks. With workers’ compensation insurance, work-related injuries are covered. Just about every state (except for Texas) requires employers to have workers’ compensation coverage for their employees.
Coverage for the construction industry can be confusing, but it doesn’t have to be! At Snellings Walters, we help your business navigate how to manage risks. Are you ready to learn more? Let’s identify your needs.