Construction companies face a myriad of risks and challenges every single day, and that is why contractor insurance is important. The success of your construction company will depend on how well you manage the details of contractors, subcontractors, and workers without losing focus on the big picture of delivering a finished product to the client. Contractor insurance is designed to protect your firm from the astronomical losses that could result from injuries and property damage, as well as potential litigation due to contractual misunderstandings. Having the right insurance coverage protects you from unforeseen incidents that can cripple your company. Brashears Insurance can help with that.

Why Contractor Insurance is Important

At any construction site, whether it is erecting a new building, renovating an existing structure, constructing a new roadway, or installing simple fixtures, many risks come into play, and things can go wrong. A worker carrying steel bars accidentally hit a glass window. A crane driver can pull down a row of trees or hit a parked car, causing damages you are responsible for. Workers can also be injured while working on your job site. As the construction company undertaking the job, you could be responsible for any damages or personal injuries at the construction site, thus it is critical to have the right insurance policy to protect your company from these types losses.

What are Common Coverages for  Contractors?

Comprehensive General Liability Insurance

Comprehensive General Liability insurance protects you and your company against third party claims of bodily injury, physical injury, or damage to the property. You don’t want to be held responsible for paying all the damages that can occur in an accident, no matters whose fault it is.

Worker’s Compensation Insurance

Worker’s Compensation insurance gives medical care for employees who are injured in the course of employment, in exchange for relinquishing the right to sue his or her employer for negligence. This offers not only another layer of protection for you to avoid legislation, but also makes sure there is money available for any medical or rehabilitative services needed for anyone injured on your project. Although no one thinks these accidents will happen, it is best to be prepared when working in the construction field.

Completed Operations Insurance

Completed Operations insurance protects the contractor from liability arising from injuries or damages that might happen after the project is completed. The contractor takes care to complete the project safely and free from all reasonable hazards, but completed operation coverage protects you against construction defect claims, a worst-case scenario.

Contractor means your work is governed by the Contract

Words mean things. Do you know if the contract you signed with your customer matches the Insurance coverage you carry? If not you are shouldering the liability for whatever is not in your Insurance Contact, (Policy). Having the right Insurance Broker is essential to protecting your Construction Company. Brashears Insurance Agency has the expertise to help you navigate the insurance world and let you focus on what you build.