Construction Insurance in Summerville, SC

The construction industry consistently ranks as one of the most dangerous in the United States. As a member of this sector, your business must take risks and exposures seriously, as even the most meticulous and diligent employees are not immune to accidents and errors. A single mishap could have dire consequences for your business’s financial stability and future potential, but proper construction insurance can form an essential shield against such repercussions.

What Is Construction Insurance?

Construction insurance is a specialized form of business insurance. This term typically does not refer to a single product but rather a combination of policies that, when appropriately assembled, can form a versatile financial shield. General contractors, construction firms, specialists and anyone else involved in the construction industry should exhaustively analyze their risks and exposures, identify available coverage options and secure ideal policies.

What Does My Insurance Typically Cover?

Every construction business has certain unique circumstances, but many companies may have similar risks and perils for which they must account. When putting together your construction insurance package, you may want to start with the following:

• General liability insurance may cover third-party bodily injuries, property damage and personal and advertising injuries.

• Commercial property insurance can help with losses involving your building, equipment and tools.

• Workers’ compensation insurance can assist with responding to employee injuries and illnesses, such as by recouping medical bills and lost wages and managing legal implications.

• Business interruption insurance may help you manage losses and expenses during operational delays or disruptions.

• Commercial auto insurance can help cover damages involving your company’s motor vehicles.

• Professional liability insurance may limit out-of-pocket legal costs and losses should a client or customer accuse you of providing inadequate services.

• Builders risk insurance can financially protect projects in progress.

• Inland marine insurance can cover business property being transported or stored at a job site.

• Commercial umbrella insurance offers additional liability coverage for particularly damaging incidents affecting other parties that exceed the limits of other policies.

Why Is Coverage Important?

Given the inherent dangers involved in many construction projects, such as heavy machinery, motor vehicles, sharp tools, working at height and handling chemicals, being prepared to offset potential losses is critical. Additionally, you may be beholden to legal requirements and other formal obligations regarding coverage. Furthermore, some clients may hesitate to work with you if they perceive you lack adequate insurance.

Is Insurance Required by Law?

Several types of insurance may be mandated for construction businesses. Specifically, workers’ compensation insurance is typically required. Additionally, if your business uses motor vehicles, you may need to secure and maintain commercial auto insurance. Other obligations may also apply. For example, if you rent your building or have purchased it with the help of a mortgage, your landlord or lender respectively may mandate commercial property coverage.

We’re Here to Help

To explore ideal construction insurance policies available near you, contact B&A Insurance, LLC today.