Whether you build houses or excavate properties, your work can put others in harm's way. While you endeavor not to make mistakes, you can't prevent every accident. So, if you accidentally cause a problem for others, you might have to compensate them. If you have the liability insurance in place, you can use your policies to assist you. But, what protection do you need?
Commercial liability insurance comes in many shapes and sizes. We're here to help you determine the right coverage for your construction business.
The Benefits Of Liability Protection
Most businesses need insurance. Commercial liability insurance is among the most crucial. It protects you in case your actions (or inaction) harm others. The financial settlement can help affected parties pay for their personal losses. It can also help you cover your own expenses while rectifying the claim. Therefore, your business can continue to operate while satisfying harmed parties.
Because you work in construction, you know that you create sensitive structures and work with potentially-harmful materials. Should you harm others, you can use your liability insurance to compensate them. Don't put your business on the line simply trying to make up for a mistake. Let your coverage help.
Getting Commercial Liability Insurance
Depending on your services, you'll likely need several liability policies. Chief among these often include:
- Bodily Injury Coverage for cases where clients or others get hurt on a construction site.
- Property Damage Insurance to pay for damage done to portions of a client's property.
- Workers Compensation Insurance, which pays supplementary income to employees harmed on the job.
- Errors & Omissions (E&O) Coverage for damage caused by professional mistakes. Financial losses due to missed deadlines might fall under this protection
Given that your services will vary, work with your agent to determine the appropriate amounts of coverage in each policy. Alongside these initial policies, you'll often be able to enhance coverage for other facets of your operation. These might include:
- Employment Liability Insurance (EPLI): This covers the business in case of allegations of employee misconduct like harassment or discrimination.
- Product Liability Coverage: If an item you make harms a consumer, this coverage can step in to protect you.
- Advertising/Personal Injury Coverage: If you commit libel, slander or advertising infringement, you'll often need these types of coverage. Some insurers cover advertising injuries and personal injuries separately.
The key to getting the right liability package is understanding where your business is vulnerable. Work with your commercial insurance agent at Kasky Insurance & Financial Services, Inc to protect yourself both within the business and at any construction site.