Now’s a great time to be in the construction business. Improving economic conditions mean people are more confident to purchase new homes and move ahead with renovation projects. In addition, several company leaders now see a benefit in expanding and adding new locations.
Still, construction dangers remain and the threat of workplace accidents is always present. In fact, 20 percent of construction deaths occurred within workers' first two months on the job. That's according to 2018 data gleaned over a 33-year period by the National Institute of Occupational Safety and Health (NIOSH).
This is just one reason why it’s essential to secure thorough insurance coverage for your construction company. Read on to discover more benefits of this valuable business tool.
1) Protects Your Business
Along with the mentioned presence of daily potential complications, you must take strategic risks in order to build your business. An integral part of any good risk management plan is to have adequate construction insurance. As you’re awarded increased work and projects become more involved/complex, such coverage protects you against a variety of scenarios.
For example, asset protection helps shield you from property damage and bodily injury caused by a third party. General liability coverage protects your business from a variety of claims. These could be focused on the company as a whole, or individual workers.
In a perfect world, everything will go exactly according to plan and there will never be a project hitch. As an experienced construction professional, you know that’s not always how things work out. Construction insurance is your safety net against accidents, unexpected expenses, and unpredictable events.
2) Safeguards Your Employees
Your team members are the backbone of your business. As a responsible company leader, it’s natural that you want to keep them safe and provide them with all the tools necessary to excel at their work. One of those resources is construction insurance.
This coverage helps you navigate claims of bodily injury from those who may inadvertently wander onto a construction site and get hurt. That’s especially helpful when you’re working outside an office building, medical facility, or similar structure. Coupled with workers compensation insurance for team members, you create powerful protection for your business.
In addition, general liability insurance creates safeguards against lawsuits stemming from property damage, claims of faulty work, and other situations.
3) Builds Your Reputation
These days, it’s easy to glean knowledge about any company or topic through a simple web search. That means clients have likely already investigated details about your business before making contact. Many people take to heart authentic customer reviews and word-of-mouth referrals.
Securing comprehensive construction insurance demonstrates your commitment to safety, quality of work, and community involvement. It shows that you stand by your abilities and expertise enough to protect your business, workers, client property, and the people who encounter your work sites.
Construction insurance can also be combined with other important safeguards. That includes professional liability insurance (sometimes called errors and omissions, or E&O), commercial auto insurance, risk management, and more. Speak with a friendly and knowledgeable insurance agent who can help you create a personalized coverage plan for your businesses.
4) Provides Valuable Peace of Mind
As a company owner, you’re focused on the growth and prosperity of your business. When you’re awarded a contract, it’s only natural that your attention is centered on getting the job done right, on time, and within budget. You also want to ensure you’ve got the very best workers for the job, and that these employees are protected. Given all this, you might not have much time left to think about construction insurance.
It comforting to know that there are reliable and reputable professional insurance agents who can help you protect your business for decades to come. Since 2002, we’ve been the trusted resource for a variety of insurance needs. From business and commercial, risk management, and more, we have the tools to help your organization succeed. Contact us today to learn more about how to secure comprehensive construction insurance.