Construction companies in the United States employ over 10 million people.
Being the owner of a construction business is no easy task. Making sure each of the projects you have going is done properly takes a tremendous amount of hard work.
Before taking on any jobs, you need to have a comprehensive contractors insurance policy in place. With all of the different policies on the market, selecting the right one may be difficult.
Even if you already have an insurance policy in place, reviewing it periodically is essential. Read below to learn why evaluating your existing contractors insurance policy is something you need to make a priority.
- Making Sure the Policy Covers Your Risks
The key factor you should consider before getting an insurance policy for your construction business is the risks you have.
Knowing what risks you will face on a job site can help you narrow down the selection of insurance policies on the market with ease. As your business grows, so will the risks you face.
Reviewing your existing policy and what it covers may reveal problems. If you need to increase the amount of coverage you have, an insurance agent will be able to facilitate this request.
- Is a Commercial General Liability Policy the Right Fit?
One of the most popular types of insurance for construction companies is a commercial general liability policy.
This is the base coverage you will need to perform jobs around your area safely. These types of policies insure any accidents that result in either bodily or property damage.
If you want a policy that covers the cost of things like defective work, you will need to get something a bit more detailed than a general liability policy. If you are taking on bigger and more complex jobs, reviewing your existing policy is wise. Increasing the coverage you have may cost more, but it will be well worth the money.
- What Specific Protections Do You Need?
Does your construction business also specialize in home or commercial building designs as well? If so, adding professional liability coverage to your existing process is a good idea.
With this additional coverage, you can protect your business in the event of a bad design being implemented. If you are unsure about what additional coverage you need, working with an experienced insurance professional can help you make these tough decisions.
- Choosing the Right Window of Time
Did you know that claims-made liability policies only cover certain periods of time?
If accidents occur outside of the designated window of time on your insurance policy, it could cost your company dearly. Before starting a job, you need to see about purchasing prior acts coverage.
This addition will cover any potential claims that may arise after a particular project has been completed.
- Are You Getting the Best Price?
Another reason to check your contractors insurance policy on a regular basis is to ensure you are getting the best deal.
If there are discounts you can take advantage of with your insurance policy, you need to do so immediately. Getting quotes from insurance agents in your area is the only way to see who can provide you with the best deal.
In Need of High-Quality Contractors Insurance?
With the right insurance policy, you can protect your workers and your construction business in the event of an accident.
Top Contractors Insurance Services is a full-service contractor insurance agency handling workers compensation, general liability, construction bonds, and auto quotes.