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Managing the risks of construction with the right insurance

When you bid on a construction project, you expect that everything will go according to plan. At the end of the job, you may find that you were right, but what do you do if you are wrong? The construction industry is fraught with risks and hazards, and you could find yourself facing liability for a variety of mishaps and issues.

In fact, construction liability insurance is often a prerequisite for receiving a construction contract. When searching for the right coverage, it may help you to know that you can negotiate the terms of your policy. With the right help, you could end up with an affordable policy that covers your concerns and contains policy limits with which you can live.

What should you expect from your policy?

When searching for a good liability insurance policy, you may want to ensure that it provides you with the following benefits:

  • You should receive an acceptable level of security, ensuring coverage for you, your employees and your assets.
  • You should receive an acceptable level of protection against property damage and injury claims.
  • Your policy should help cover the damages and costs incurred from a monetary judgment.
  • Your policy should help cover the costs associated with litigation such as attorney's fees, court expenses and more.
  • Your policy should protect your company as a whole and protect your company in individual claims.

You may have other concerns in addition to the above that you may wish to address in your policy.

What should your policy cover?

In order to meet your liability insurance needs and goals, your policy should cover the following:

  • It should cover any damages to the property caused by our employees, along with the possibility that the owner may not be able to use the property due to the damage.
  • It should cover claims for injuries (fatal or otherwise) suffered under your watch. However, it does not replace your workers' compensation insurance requirements.
  • It should cover any damages resulting from equipment you install or use on the site.

You may also consider ensuring that your liability insurance covers any potential copyright infringement accusations you may face for equipment or products of your own design that someone else may believe are too similar to another party's product or design.

In addition to negotiating the terms of your policy, you may benefit from some guidance and assistance when it comes to either filing claims against the policy yourself or defending claims from others.

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