If you are in the process of starting your own construction business, once you legally establish your business, you are going to want to obtain insurance for your business. Before you complete a single job, you will want to make sure that your new construction business is properly insured.
General Liability Insurance
The first type of insurance that you need to purchase is general liability insurance. This is the type of insurance that will protect you if someone brings a lawsuit against you; general liability insurance will provide you with legal counsel and will pay any settlements or damage up to your coverage amount.
General liability insurance is not just about being protected if someone brings a lawsuit against you. General liability insurance also protects you if you damage a customer's property. For example, if you were to damage the lawn with your equipment, your general liability insurance would pay to fix it up.
Worker's Compensation Insurance
If you are employing anyone other than yourself, you need to carry worker's compensation insurance. This is required by most state laws. It is also a smart way to protect yourself.
If a worker is injured on the job, your worker's compensation plan will provide your employee with medical care and cover their lost wages. Worker's compensation insurance will protect you from being sued for injuries that a worker sustains on the job.
Builder's Risk Policy
When working on large projects, it is wise to obtain a builder's risk policy. These are policies that you purchase for specific projects. Builder's risk policies are designed to protect the construction project that you are working on and generally cover the owner of the building, as well as yourself and any other subcontractors working on the project.
A builder's risk policy will assist you in finishing the job if the construction work is disturbed by an event such as a windstorm, fire, vandalism, theft, or even a lightning storm.
It is smart to obtain a builder's risk policy for bigger projects, and some companies may even require you to obtain it.
Before you start doing jobs as a contractor, make sure that you have the right contractor liability insurance in place to protect your new business. You need to obtain a general liability insurance policy and a worker's compensation policy if you are employing anyone but yourself in your new construction business. If you score any big jobs right away, be sure to look into a builder's risk policy for each large project as well.Share
12 May 2018
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