The construction industry has many inherent risks. Workers, contractors, large machinery, and more are needed to get even one simple construction project done. This puts you at risk for theft, injuries, and potential litigation.
To protect yourself, MPR-Fintra, Inc. recommends having a few insurance policies in place. Here are a few our contractors insurance solutions in Florida recommends you getting ASAP:
- General liability insurance. This protects your business from claims arising from damages caused to a customer’s property, injury claims, and subsequent medical expenses. However, general liability does not cover damages caused by professional negligence.
- Professional liability insurance. We all make mistakes, and this is why professional liability policies exist. These cover errors in design or value engineering that can have a financial impact on a current project. It only covers the liability of your error, not the cost of rework.
- Pollution liability insurance. This provides coverage if your company is liable for a pollution-related incident that occurs on your job site. In some cases, you can combine pollution liability policy with professional liability policy into one. So don’t forget to ask your captive insurance provider.
- Workers’ compensation insurance. Most states require businesses to have some form of worker’s compensation to protect employees from lost wages and medical expenses should they suffer a job-related injury.
These are only some examples of the must-have policies your construction company should have. If you have more questions, feel free to call our business insurance Florida, U.S., International. Just dial 561-338-7488 to get in touch.