When trying to determine which insurance is best for your construction business, you might find yourself confused by some of the different policies available to you. One you will frequently see is a tailored policy usually referred to as construction insurance. How does this differ from other insurance policies you might see? Let’s find out.
What is Construction Insurance?
Unsurprisingly, construction insurance is a blend of policies designed specifically for people in this industry. This can fit a whole range of different professions within the industry from roofers to HVAC specialists. It protects a contractor from some of the problems they are most likely to encounter when they work. This can include useful policies like general liability insurance which protects a contractor in the event that someone is injured while that contractor is working. You can use it to pay legal or medical bills or any other expenses which might arise from such a claim.
Is It Different from Other Insurances?
Construction insurance is just one policy amongst others. You could easily buy every individual policy within the insurance, but it might not be as cost-effective for you to do so. Choosing a compound insurance package is one of the best ways to ensure that you are getting everything you need at the best price.
Furthermore, construction insurance might not be right for you depending on the nature of your business. Someone who deals with pool maintenance might not necessarily need this type of protection but a handyman might. You need to take a close look at your business to decide what type of insurance would be best for you.
Which Other Insurance Policies Could You Benefit From?
As the head of a construction business, you might find that you require further protection than just what is offered by this bracket of policies. A common policy you might take out is vehicle insurance. While all your contractors will be insured to drive, it is worth taking out insurance to cover their vehicles; especially if those vehicles are branded ones you have provided. The insurance will not just help in the event of an accident involving those vehicles, but it will also allow you to know that you can replace or repair vehicles if they become damaged.
Another insurance policy you should take out is tool insurance. As a contractor, your tools are your lifelines. You need to be certain that you can upkeep or replace them even in the event of theft. Tool insurance allows you that peace of mind since you know that you can replace them with tools of an equal quality if you have to.
Don’t fall into the trap of thinking that you can get by without insurance. It may seem like an unnecessary business expense, but nothing could actually be further from the truth. You never know when and where you are going to need to make a claim. No matter what you form your construction business happens to take, make sure that you are adequately protecting it with the correct blend of insurance policies today.
This content is sponsored by Harry Green.