The Types of Insurance Every Construction Operation Needs

All businesses face significant risks in their day-to-day operations, and construction operations face their own unique set of risks. In today’s business climate, it’s more important than ever to have your business properly insured, with coverage that is special-tailored to your industry and your business’s needs. Here are the crucial types of construction insurance you should secure in order to properly protect your business.

General Liability

General liability coverage protects you from liability claims for property damage and bodily injury to third parties. Third parties include customers, vendors and anyone else who may come in contact with your business on your premises.

Note that this coverage is not all encompassing, limits do apply. Speaking to an agent about the types of construction insurance your particular business needs.

Professional Liability

Most professional liability claims made by property owners are against architects and engineers who have been hired for professional services. Due to the subcontracted nature of much of the work during the building process, there is so much grey area regarding professional liability claims. It’s the responsibility of the business to know how your contractors are classified and if they are adequately  insured. If they do not have proper insurance in place, your business might take on the liability of any claims that occur as a part of the building process.

Inland Marine

Also referred to as “Equipment Coverage,” Inland Marine insurance is coverage for property that is likely to be moved or in transit. This includes tools or specialized equipment that is taken away from the premises and used on a jobsite.

If your business is operating away from your business residence, all of your tools are not covered under a basic general liability policy. If you were to damage a tractor or another type of essential equipment, you are responsible for any repairs that might occur if you don’t have this policy.

Commercial Auto

Commercial auto liability protects your business when travelling both locally and at intermediate distances while using company owned vehicles. A commercial auto policy can be offered to protect both light, medium, and heavy duty vehicles.  You also have the option to cover a single vehicle or an entire fleet of vehicles.

If you purchase vehicles mid-term, it is essential to notify your insurer immediately before use of the vehicle. Generally, the vehicle is not covered under your policy unless they are notified. If you have employees who use  personal vehicles for business purposes, you can get an addition to a commercial auto policy to cover the liability to third parties.

Workers’ Compensation

Workers compensation will come to the rescue when employees are hurt on the job. Employees give up some of their rights to sue their employer in exchange for medical expenses and some lost wages for the time they miss work from an injury that occurs as a part of normal business operations. Employers gain the confidence to know they will not be sued for injuries that occur as a part of normal business.

About Daniels Insurance, Inc.

At Daniels Insurance, Inc., we have a unique understanding of the risks that businesses like yours face on a regular basis. With the backing of our comprehensive coverages and our dedication to customer service and quick claims resolution, your business will be fully protected. For more information, contact us today at (855) 565-7616.