Construction Business Insurance
The construction business is a big risk to take. You could be in for a world of hurt in case something happens to one of your men while at work, or when one of your equipment breaks down and affects your timetable.
Find out what you can do to avoid incurring losses due to these activities.
The construction business is hinged upon three components: the office property, the employees and the equipment. These are things that need to be insured, as anything happens to one or all of these components can seriously cripple a business especially the contractor business.
First, you need equipment insurance. The equipment is what your men use in order to do construction jobs that you contract with your clients. Each one of these equipments is vital to the efficiency and productivity of the business. If one of them goes down, the productivity of your men will be seriously hampered because they rely on these machines in order to do their jobs.
Second, is employee insurance. As an employer, it is your job to take care of your employees. If anything happens to them, you are eligible for reimbursing their costs incurred due to their injuries. Instead of spending on those out of your own pocket, why don’t you let insurance providers do that for you instead? Get your men accident insurance, as well as healthcare, so that they continue to function well for your company and are well taken care of in case of an accident.
Third, you also need property insurance. As a business, you hold office in a property. You also need to insure your property. As a construction expert yourself, you understand that buildings are not invulnerable. Thus, they are likely to be damaged in case of disaster like fire, flood and earthquakes. To protect yourself from incurring losses due to these disasters, get property insurance. It consists of two policies: building insurance which protects you from losses due to repairs and reconstruction, and business contents insurance that is intended to reimburse you for damages to your office equipment.
Most people would think that having all of those three insurance policies are enough to protect every component of your business. However, there is still one more insurance that you need to buy: liability insurance. This is because you are engaged in construction as a business, which is very dangerous especially on behalf of your men. If something happens to them, there could be claims for compensation. Of course, any due damages from the accident can be compensated for by accident insurance but litigation is sure to be taken before that happens. With liability insurance, however, you need not worry how much you will be spending for any liabilities that may be found against you because you will be duly compensated.
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