When you own a business in the construction industry, it helps to take extra precautions when it comes to protecting your assets. There are untold risks associated with this line of work. Contractors know that everything from employees to Mother Nature can cause some serious setbacks and financial repercussions. Thankfully, a comprehensive insurance plan can cover all your bases and protect you in the event that things go awry. Review these points to understand what to look for with your policy.
More Than General Liability
While a general liability plan may seem like enough, experts in the industry advise going a bit further when it comes to construction insurance. For one, a general policy does not typically cover errors and omissions. E&O coverage can be invaluable, as a ton of problems that arise from construction projects have nothing to do with what transpires on the construction site. Additionally, you may need to consider a builders liability policy. This type of insurance helps to increase your coverage and protect you against additional risks. Other areas to focus on include:
- Third-party bodily injury
- Budget issues
- Delays in the timeline
Though you can’t predict everything that awaits on the horizon, proper insurance helps you stay safe in a variety of circumstances. Give yourself time to review all of your options and put together a plan that makes you feel confident in your protection.