Contracting and construction company managers need to balance a lot of responsibilities. Carrying adequate insurance coverage is an essential way of safeguarding everything they do.
The complexity and physical demands of work on building or renovation projects mean they require a high degree of skill and care. Likewise, the nature of this work necessitates insurance coverage that addresses the full scope of risk that it involves. The necessary amount of insurance for contractors and construction companies varies based on a company’s specific type of work. In addition, coverage needs may be specific to individual projects.
A contracting and construction company likely needs to carry more than one form of insurance. In addition to general liability, a company may need professional liability, auto policies, and builder’s risk. Furthermore, depending on the size of a business, workers’ compensation may be a legal requirement. If a company has enough employees that it needs to participate in its state’s workers’ compensation program, employment practices liability coverage may also be advisable.
Ultimately, contracting and construction companies need to put careful thought into how they protect their operations with insurance. They should work with insurance companies that are experienced in serving clients in the construction industry and can help them get competitive coverage from outstanding carriers.