Construction Insurance can keep your business going and growing. Having it can be crucial if something goes wrong on your site. You can find yourself in significant financial trouble when you don’t have it. It can also help in other ways by enhancing your reputation and professional standing. This can encourage clients to choose you when looking for a supplier.
Let’s look at how it helps, and what construction insurance your business needs.
How Construction Insurance Helps Your Business
There are a number of ways in which insurance can improve your standing and help your business. Some of the ways include:
It’s good for your reputation
Insurance demonstrates that you are a professional. You are not a fly-by-night company that takes shortcuts. It shows that you take responsibility for your work and have taken measures to protect the property of your client.
Lenders may need you to have it
Many investors or lenders on projects require you to have construction insurance. They want to know that their investment is in good hands and they are not at risk. Without it, you may not be eligible as a contractor on their projects.
Clients may insist on it
In a similar way to investors, clients want to know that you can look after their property. They need assurance that if something goes wrong on the project your company won’t go into financial trouble. This means you will be able to fix the problem and you can still operate and complete the project.
It helps you retain employees
Employees prefer to work for companies that look after them and their well-being. Workers Compensation assists directly with looking after your employees. When you have Insurance you reassure your employees that your company is protected and is not at risk when things go wrong.
It is often required by law
It is mandatory to have certain types of construction insurance. Most commonly General Liability and Workers Compensation is required. It is best to check the federal, state and county laws that are applicable to your project. This way you can make sure you are compliant and can confidently continue with your projects.
What Construction Insurance Do You Need?
The 3 forms of insurance most often needed are General Liability, Workers Compensation and Builder’s Risk Insurance. The first two are mandatory and responsible business owners take care to have it properly in place. You can face hefty fines if you don’t have them, and also expose yourself to expensive litigation.
Builder’s Risk Insurance
The third, Builder’s Risk Insurance, is optional and so not all contractors have it. It brings many advantages and your company can move ahead of competitors when you do. This is property coverage and it insures you for many events that are common on site. You customize your Builder’s Risk Insurance policy to provide optimal protection for your unique business and project.
Who Should You Speak With For Construction Insurance?
At Contractors Liability, we specialize in construction insurance. Our agents have the knowledge and experience to tailor your policies. We’ll make sure your insurance works for you. With us, you get what you need. We can provide you with the lowest prices for the best coverage. Call Contractors Liability on 866-225-1950. Use this opportunity to put your company ahead of the competition.