The three biggest benefits of construction liability insurance

Every successful business relies on being able to operate efficiently every day. On its staff being able to show up to work and perform their duties, knowing they, and any visitors to your workplaces are safe.

And while, in some companies this is pretty much a given, other industries com with greater risks – both to the business and the people who work in or with it.

One such industry is construction. By its nature, construction comes with obvious (and some less obvious) risks. And if you run a construction company you need to take every care to ensure that the people who work for you, or who visit your sites and workplaces are safe.

You also need to ensure that your business is properly protected too. So that if the worst happened you would still be able to operate and fulfil your contracts. And for this you need construction liability insurance.

The three biggest benefits of construction liability insurance

As a quick overview, here are three reasons why the construction insurance cost is an important investment for a construction business. 

1) It protects your business assets

If a third party successfully alleges that your company caused them bodily harm, you might need to pay for their medical bills in full – eating into your profits and, potentially, your business assets. However, if you have construction liability insurance this cost should be covered.

2) It protects you from the financial fallout of accidents

As a business owner, you need to be prepared in case of any accidents. Construction liability insurance should take care of any expenses incurred by accidents without jeopardizing the normal operations of your business.

 3) It protects your staff 

Construction liability insurance gives you the pace of mind of knowing that your employees are covered. It should also compensate for any damage that may happen to your property.

Find the right insurance cover for your business

Every business needs to consider the cover needs they have before they choose a type of insurance that will work for them. Here are some examples of business insurance needs:

  • Bodily injury claims.
  • Property damage claims.
  • Completed products claims.
  • Faulty craftsmanship claims.
  • Personal injury claims.
  • Advertising injury claims.
  • Urgent medical expenses claims.

Ideally, a good insurance policy should be able to address all of the above claims.

Every construction business and contractor needs insurance

The right business liability insurance policy will ensure that your business‘ bottom line is protected from the financial impact of any catastrophe.

And it’s not just important for larger construction businesses; contractors need insurance too. Any contractor who works directly with clients needs construction liability insurance. As do contractors who provide design services, and those who are subcontracted for a small task in a larger project by a bigger contractor.

Smaller domestic construction businesses need cover too. Indeed, most homeowners will ask for proof of insurance before they allow a contractor to start working on their construction project. So, whether you are a company or an individual contractor, make sure you have up to date construction liability insurance.

Photo by Max Langelott