Construction Insurance in Westlake, OH
The construction industry is consistently one of the highest-risk sectors. As an employer involved in construction, you must account for many risks and exposures, even amid frequent tasks and daily operations. In addition, construction worksites may include fast-paced work and tight deadlines, which could further exacerbate perils. With these things in mind, the potential for severe accidents and costly errors could lead to devastating losses and damages.
What Is Construction Insurance?
Construction insurance is generally not a single policy but a package of coverages that can provide ample financial protection across many common industry risks and exposures. By maintaining this collection of policies, your business may be able to access crucial financial assistance in response to accidents or professional errors.
What Does Construction Insurance Cover?
To ensure that your construction insurance portfolio is sufficient, it must be capable of financially protecting your organization in response to the many perils and hazards in your workplace. Given the various risks and exposures at most worksites, it’s generally advisable for employers in the construction industry to maintain the following coverages:
· General liability insurance—If your business is responsible for third-party bodily injuries, property damage or personal and advertising injuries, this coverage may help pay for the following:
o Medical bills
o Lost income
o Property repairs or replacement costs
o Legal expenses
· Commercial property insurance—This coverage can provide financial assistance to repair or replace physical property used to operate your business, such as the following:
· Builder’s risk insurance—This coverage can provide financial protection for buildings under construction, as well as materials, supplies and equipment on a job site.
· Workers’ compensation insurance—By including this coverage in your insurance portfolio, you may be able to access crucial funds in response to workplace injuries or illnesses, including for the following:
o Medical bills
o Lost or reduced wages
o Disability benefits
o Death benefits
o Legal costs
· Commercial auto insurance—If your business uses motor vehicles, this type of insurance can help pay for related losses and damages, including incidents affecting third parties for which you were liable and repairs.
· Business interruption insurance—This coverage, also known as business income insurance, can help pay for expenses and losses arising from a temporary interruption of your normal operations, such as the following:
o Rent/mortgage payments
o Employee payroll
o Lost income
o Tax/loan payments
· Errors and omissions insurance—If a client accuses your business of providing negligent, inadequate, incomplete or late services, this coverage, also known as professional liability insurance, can help pay for your legal costs.
Your business may also need to acquire additional insurance to fill any potential coverage gaps. For example, companies that regularly transport goods or equipment over land may require inland marine insurance. Similarly, your business may be contractually obligated to acquire surety bonds to provide financial assurance for clients.
Get the Right Coverage
Given the presence of various perils and hazards on construction sites, such as heavy machinery, working at height, motor vehicles and flammable materials, the potential for catastrophic losses may be constant. Without adequate insurance, your business could face immense out-of-pocket costs and irreparable financial ramifications.
We’re here to help. The experts at the McCallum Insurance Agency are well-equipped to help your construction business assess and address its coverage needs. Contact us today to get started.