If you have a construction company you may be wondering what kind of insurance is best for you. Accidents do happen on construction sites and your worse nightmare is probably to have something go wrong and being held liable.

Being held liable would be hard enough but not having the right coverage could send your company into bankruptcy. Here is a look at the type of insurance you need to cover yourself from any liability.

General Liability Insurance

General liability insurance will protect your business from claims of injury and any medical expenses that accompany that. General liability also protects you should a customer decide to sue you for damages to their property.

You may also get sued for problems with construction such as a window that is not properly sealed or plumbing that becomes faulty, just to give a few examples.

Professional Liability Insurance

While you will undoubtedly try to do your best when constructing a building, problems can arise. These problems can cost you a lot of money.

To cover your business from errors in design, you need to ensure that you have professional liability insurance.

Pollution Insurance for Your Construction Company

Pollution can happen while you are doing construction. Pollution liability protects you if you have to bring fuel tanks or chemicals onto the construction site and accidents happen that harm the environment.

There are some cases where professional and pollution liability can be combined. The best thing to do is to ask your insurers if this is possible.

Vehicle Insurance

You will probably need some vehicles to transport things from place to place. Once you have vehicles that bear the name of your company you need to have a commercial auto policy.

You can insure cars, trucks, trailers, dump trucks, and even cement trucks. This means that almost all types of vehicles are covered.

Worker's Compensation Insurance

This type of insurance not only protects your workers it also protects you. When employees get injured on the job you can be held liable for expenses.

This means that you will need to pay them wages and medical expenses. The premium of worker's compensation insurance is often determined by the state.

Cyber Insurance

A few decades ago cyber insurance didn't even exist. Now it has become a necessity if you want to protect your company data and that of your customers and vendors.

Your company is likely to be relying more heavily on software as you begin to use the internet to process payments and even to control smart technologies used on site.

Stay Secure

It's time to secure your construction company business by getting the right type of insurance. Insurance is a necessity because it helps to protect you and those who work for you.

Remember, that you need to talk at length with your insurers to make sure that you make all the right decisions for your business. If you would like more information, please contact us.

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