What You Need To Know About Covering Your Construction Projects

The word “coverage” can have several meanings in the context of construction. A foreperson or superintendent may review schedules to see staffing needs, making sure each work activity has enough coverage when it comes to crew members. Similarly, a construction oversight group may bring on additional inspectors for sufficient coverage for night and weekend shifts. “Coverage” is important when it comes to preparing for various exposures in the construction business. Here’s what you should know about the insurance coverages available for practitioners. 

Insurance Solutions You Can Use

Things can go wrong on a project, despite planning and preparation. Insurance helps protect your finances from claims, damages, and lawsuits based on incidents related to these risks. Consider these insurance coverages:

  • General Liability: Risks related to accidental property damage and third-party injuries
  • Workers’ Compensation: Exposures related to injury and illness of employees
  • Commercial Auto: Use of company vehicles or driving for work purposes
  • Errors and Omissions: Negligence due to mistakes and oversights
  • Builders Risk: Damage to ongoing projects, materials, and equipment

No two contractors have the exact same insurance needs, so it’s important to assess what makes sense for your business.

Taking Care of Your People

Having the right insurance isn’t just about your bottom line. It’s also about looking out for your employees, your subcontractors, your clients, and the communities that you serve. When you have sufficient coverage, it shows that you’re serious about the work you do and responsible when it comes to delivering projects.