There are 150,000 accidents on construction sites each year. Construction sites carry many risks and potential hazards. Because of this, contractors must have insurance coverage.
According to the contractor insurance specialists at www.centralcarolina.com , construction insurance is a necessity for companies of any size.
Do you want to learn more about the benefits of construction insurance? Keep reading this article to learn more about the types of construction insurance and why you need it for your business.
Protects You From Liability
Construction liability insurance is necessary to protect your business from being held liable.There are thousands of accidents each year on construction sites. These hazards can lead to injured employees, damaged machinery, and more.
Having general liability insurance protects you financially after an accident. This includes paying for injuries, medical expenses, property damage, and more. This will give you peace of mind as a business owner and it will protect you financially after an accident.
Keeps Your Employees Safe
Next, your construction companies need insurance to help keep your employees safe. Working on a construction site is dangerous and may result in serious injuries or even death. Having workers’ compensation insurance will protect your injured employees after an accident. This may include paying for medical bills or paying their lost wages for their time gone from work.
Having insurance can also help you create a safer working environment. Businesses may even qualify for discounts on their insurance. They qualify by making changes to increase safety in the workplace. This can include more extensive safety training, newer equipment, and more. With worker’s compensation insurance, you can also prevent lawsuits from injured workers. You will also not be responsible for expensive bills or lost wages.
Protects Commercial Vehicles
Another reason you need to get insurance is for your commercial vehicles. Construction sites often require several types of heavy machinery. These are used to transport materials, drive to new construction sites, and more.
If you have commercial vehicles, you need to have commercial auto insurance. This protects your vehicle from property damage if it is in an accident. It will also cover the medical bills of any employees involved in an accident in the vehicle. Commercial vehicles are expensive and are investments that you need to protect. Having commercial vehicle insurance will pay to repair or replace your expensive machinery.
Many Coverage Options
There are also many coverage options for construction insurance. This makes it easy to find coverage that fits your unique business needs. There are many common types of construction insurance coverage. These include general liability insurance, property insurance, business auto insurance, workers’ compensation insurance, and more.
However, there are also other, less common options for coverage. One thing that can help is meeting with an insurance agency. You can discuss your coverage needs and see what coverage would benefit your business the most.
It Might Be Legally Required
Another reason why you may need construction insurance is if it is required by law. There are many requirements that you need to follow if you are a contractor.
First, you need to have general liability insurance for contractors. These protect your company from liability in common accidents. This is the most basic type of construction insurance you need. Another type of insurance that is required by law is workers’ compensation insurance. This is what protects your employees in the event of an accident. If you do not have employees, this will not be required.
Otherwise, having workers’ compensation insurance is a legal requirement for your business. Finally, if your business has any commercial vehicles, you need to get auto insurance. This will protect your employees as they drive and will protect your company.
You need to make sure your business follows legal regulations for compulsory insurance coverage. To do this, you can talk with an insurance company to see what types of insurance are required as a business owner.
Provides Peace of Mind
Lastly, construction insurance provides you with peace of mind as a business owner. As a contractor, there are many unknowns about your workplace. While there is a lot you can do to have a safer working environment, there are sure to be other types of accidents that occur.
With construction insurance, you can be sure your business will withstand these accidents. For example, without insurance, damage to one of your commercial vehicles may cost you tens of thousands of dollars. For many business owners who haven’t established their business, this may be a huge financial strain. You may also worry about your employees getting injured on the job.
Some accidents cannot be prevented, even with increased safety measures. However, the construction insurance coverage will protect your business employees after an accident. This means that your business will not be ruined after an accident, as your insurance will pay for the majority of the expenses. To increase your safety, you need business insurance as a contractor.
Get Construction Insurance Coverage Today
Construction is a dangerous industry that causes thousands of accidents each year. To protect you and your employees, it is vital that you get construction contractors’ insurance coverage. This protects you financially and gives you peace of mind as a business owner.
Are you looking for insurance coverage for your business? Check with a local professional in your area to the best policy for your business. They will offer contractors construction insurance including general liability, workers’ compensation, and more. Don’t get stuck with needless bills and debt. Make sure you are covered in the event of an accident and have peace of mind.