Protecting any business or project is important. At Business Benefits Group (BBG), we understand the various bumps that can arise during the work timeline. We strive to protect your assets and provide risk-management solutions to those in heavy construction in order to protect your organization from the ground up.
Construction sites can contain a wide range of hazards. Workers interact with large machinery and dangerous equipment, so having an insurance policy in place is highly recommended. BBG offers insurance to cover many aspects of a construction project. The right coverage can protect your business from any costly damages, ultimately keeping you in business.
Heavy Construction Insurance
Construction insurance itself includes a broad selection of insurance policies. It relates to a grouping of relevant insurance policies that protect contractors against any mistakes, errors, or losses to the building or structure. For heavy equipment, most of these tools are covered under Inland Marine policy. This insurance policy provides protection to loaders, cranes, trucks, and any other heavy equipment used during a construction job. Without having these policies in place, any equipment that is damaged or in need or replacement can cause a big headache for contractors. By covering equipment and sites under heavy construction insurance, companies protect themselves from liability should any unfortunate accidents occur.
Replacing Heavy Equipment
Heavy equipment is necessary for many major construction jobs. Having an insurance policy in place to cover damaged or stolen equipment is highly recommended by any insurance brokerage. Most insurance policies that cover heavy equipment on construction sites also cover operating risks and third-party liability.
Operating risks include unforeseen incidents that can happen on a construction site. These can range from fires, explosions, theft, fraud, and more. Contractors who protect themselves with insurance eliminate any further problems when equipment must be replaced.
Third-party liability claims involve any outside party, such as another contractor, project owner or developer, making claims against the contractor running the project site. Contractors are able to protect themselves against such claims, lowering the risk of potential liability issues.
Commercial Auto Insurance
Most construction sites will contain vehicles mainly driven on-site, but sometimes these vehicles will be on regular roadways. In order to protect the vehicle while offsite, it is important to acquire commercial automobile insurance. Commercial auto insurance is not solely restricted to construction insurance; it is a policy designed to protect any vehicles used for a business’s needs. When this policy is put in place, it protects the business against vehicle repair costs, and any medical expenses or lawsuits resulting from accidents.
Accidents happen, especially in high-stress environments where people are surrounded by dangerous equipment. On construction sites, most accidents or damages are caused by faulty workmanship, resulting in job related injuries. According to the Bureau of Labor Statistics, there are roughly 150,000 construction site injuries each year. In order to protect against these occurrences, general liability insurance provides liability protection. This policy protects against any bodily harm or property damage that may occur during the project timeline. All states will require you to have a minimum level of coverage to protect both your site and employees. By keeping up with the state mandated laws, you are not only protecting your business, but the project and any factors that may come into play down the line.
Stay Compliant with Law
Construction insurance is not only necessary, but required by most contractors. Jobs will not be offered nor accepted if the contractors don’t have proper insurance in place. A policy that is required statewide, commercial auto insurance, protects any and all vehicles both on-site and off. Workers compensation is another state requirement, though it varies from state to state. While those are the only two policies mandated by law, most construction contracts will require the contractors to have other policies. Projects need to be protected from any damages or accidents that happen, so construction insurance is heavily recommended. The more a project is protected, the more smoothly the process can continue after an incident.
Protect Your Business with BBG
Construction projects can come with a slew of problems. In order to protect your business, project, and workers, it is important to implement construction insurance. At BBG, we offer a range of policies that will protect your project, employees, and shield you from any surprising factors that may come up. BBG’s insurance consultants analyze your business to find the best possible coverage for your situation and potential risks. Our policy recommendations will mitigate risks and protect you from liability during your construction project.