The construction industry has a higher level of risk for workers injuries than other organizations. The United State Department of Labor's OSHA office provides some clarity on these risks.
In 2015, 21.4 percent of worker fatalities occurred within the construction industry. Most of these injuries come from falls. Other risks include electrocutions and injury from a falling object. If you own a construction business, ample liability insurance is critical.
What Type of Liability Protection Do You Need?
Business insurance often includes liability insurance. This type of insurance provides protection to the business for many related claims. There are several forms. You may need all of them. You may need only a few.
General Liability Insurance
This policy covers claims made against your business from a non-employee. Construction companies need a high level of liability protection. It may help cover injuries from falls, mistakes or poor construction. It may cover illness-related claims, too. This type of protection from negligence claims is critically important. These claims are not uncommon. They can occur on any type of construction work site, too.
Professional Liability Insurance
Construction workers, including contractors, provide professional advice. They advise customers about how to accomplish their goals. The customer expects their advice to be safe and sound.
Mistakes can happen. When they do, professional liability insurance may provide protection. This type of insurance is an extension of general liability coverage. It provides another layer of financial support to you.
Workers' Compensation Insurance
Workers' compensation is a form of liability insurance. It is specific to worker injuries on the job. This is where many of the injuries occur in this industry. It may offer protection from falls, electrocutions, and other accidents. Most states recommend or require workers' compensation.
Understanding Your Risks
Companies need to work closely with business insurance agents to estimate risks. Liability risk can change from one year to the next. Most often, construction jobs are high-risk. This means there is a greater potential for accidents to occur. Minimizing these risks is important. Your agent may help you to do that.
Choose a comprehensive business insurance plan. Commercial liability insurance needs to offer ample financial protection. A single accident can be financially devastating to a construction company otherwise. A quality general liability insurance plan may be a good start. Work with your agent to learn if you should increase other coverage.
Need business insurance? Call Buschbach Insurance Agency, Inc. at 708.423.2350 for a fast free quote on an affordable policy.
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The 7 Type of Construction Insurance Your Company Should Consider
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