Contractors in the construction industry face unique risks, including vandalism, theft, and injury. For that reason, the law requires all construction projects to be covered by insurance, which is designed to protect employees and third-party workers alike. Consider the main reasons why you need construction insurance.
Protecting Your Business
According to Arroyo Insurance, the right insurance policy can safeguard you from faulty work, equipment damage, and even missed deadlines, all of which can cost you money and delay the project. Accidents are bound to happen, especially on a construction site. With a construction policy in place, you can rest assured that when you’re exposed to risk, you’ll have the right coverage to shield your company from financial obligation.
Providing Additional Security
If you have a multi-million dollar construction project, you may benefit from a wrap-up policy, which typically bundles the following:
- General Liability
- Employer’s Liability
- Workers Compensation
Wrap-up liability policies protect all enrolled participants, offering the owner broader coverage, lower costs, enhanced safety and increased profits. These blanket policies also give peace of mind knowing that all project participants (owners, contractors, subcontractors) will have sufficient coverage to meet every potential liability or risk.
When something goes wrong on a construction project, it puts contractors and construction workers at risk. Get construction insurance to protect your business against financial loss and to better safeguard your workers.