As you may already know, running a construction business can be extremely lucrative, but there are risks that come with this type of business. Construction contractors are prone to experiencing accidents on the job in ways that other occupations do not. If you’re serious about running your own construction company, it’s important that you understand your construction insurance needs so you’re fully protected from any disasters or injuries while renovating or repairing property in your community. Here’s more information on why construction insurance is so important and how to choose the right policy for your business.
Construction insurance protects your business from financial loss
Whether your construction business is your main source of income or not, it’s still important to have adequate protection. Coverages such as General Liability, Business Personal Property, and Additional Insureds should all be considered. In the event that your work at a construction site mistakenly causes damage, liability coverage could mean the difference between you paying out of pocket for the damage or your policy covering the cost. In another scenario, you might have tools or equipment that are essential to perform your work. Having the right property coverage can protect you from having to pay for stolen or damaged equipment.
Gain a competitive edge in attracting and retaining customers
Your customers want to have confidence that their home renovations or property repairs are covered in case of accidental damage you cause during or after construction. Even third-party contractor marketplaces like Angi, Yelp, and Houzz may require you to maintain construction insurance to be featured on their platforms. You can maintain a competitive advantage by showing proof that you have adequate construction insurance that covers your liability (including products and completed operations!)
Work with an experienced insurance professional
Coterie Insurance offers coverage for artisan contractors in most states (think plumbers, HVAC, and carpenters). We recommend working with a trusted insurance expert to understand what coverages you need. Find a small business insurance agent or broker in your area today and have the peace of mind that your construction business is secured!