As a construction professional, there are a number of different insurance policies which you should always take out to protect you and your livelihood. Let’s take a look at some of them now.
Professional Liability Insurance
Professional liability insurance (referred to as indemnity insurance in some circles) will be one of the single most important insurance policies you ever take out. It protects you from claims against negligence.
Negligence claims could come from any direction. They could be from someone who injured themselves visiting the construction site, or from a former client who is angry that their building has not maintained in a way they expected over the years. Such claims can be costly and each one runs the risk of potentially bankrupting your company if you are not careful.
What’s more, having a professional liability insurance policy actually makes you more trustworthy to potential clients. It shows that you care about your projects and that you are serious enough about them to adequately protect them. If you don’t yet have a policy, look into construction insurance cost today and think about adding such a policy to your business.
Your tools are going to be one of the most significant investments you make. You will have brands which you prefer to use the most and pieces of equipment which you know work well. With a lot of time and finance put into building your collection, you don’t want anything bad to happen to it.
Unfortunately, there are many people out there who would think nothing of stealing tools. It is easy to do, be it quickly lifting something when your back is turned or even breaking into your tool storage in the middle of the night. While there is plenty you can do to actively prevent your tools from being stolen, you should also consider what to do if they are.
This is where insurance can help you. By insuring the tools, you may be able to make a claim to help you recover some of the costs of replacing the stolen or missing tools. It may seem like a small thing but lost tools could mean an end to your livelihood if not correctly recovered. Make sure you have the means to do so.
Whether you own a full-scale construction company or you are just a small-time handyman, you are likely to have your own vehicle to help you move between jobs. It is extremely important that this vehicle is correctly insured.
In addition to the car insurance you need to be able to drive it, you should consider looking into insurance which protects the van itself in the event that it is stolen. A commercial construction vehicle is likely to have some special fittings for tools and other equipment which will be pricy to replace. The insurance exists to help you be able to cover such a potential loss on your part.
These are just some of the insurance policies you as a construction professional should think about taking out. Take the right steps towards protecting your livelihood and ability to work now!