The risks that come with being a construction contractor cannot be understated. Whether it’s direct losses or the inability to win new projects, not having the right insurance coverage can have major impacts on your bottom line and long-term success. However, with the right types of construction insurance, you can shield your business from the everyday hazards of the industry that can otherwise lead to your downfall. Below are four ways to keep your business protected.
Builder’s Risk Insurance
Builder’s risk protects you while your project is in progress. In case of a storm, vandalism or other covered incident, your policy will pay to repair or replace the impacted items.
Equipment Breakdown Insurance
Equipment breakdown insurance protects you in case your machinery fails during a project. Your policy will cover the cost to repair or replace the covered equipment.
Business Interruption Insurance
Business interruption insurance protects you in case your tools or machinery become unusable. Your policy can be used to cover ongoing expenses and to replace revenue that you missed out on.
Pollution Liability Insurance
Pollution liability insurance protects you against claims of pollution brought about by third-parties during and after your project. Like other forms of liability insurance, your policy will cover the legal fees, medical expenses and other amounts for which you’re found liable.
Many other types of construction insurance are available to protect you against the risks inherent to the industry. Work with an experienced agent to craft a policy that meets your needs.