As a business owner, your undoubtedly well acquainted with innumerable forms of insurance by now. You have insurance to keep your physical place of business safe, your data secure, and your employees happy and healthy while on the job. However, if you happen to work in the construction industry, you may need a few extra coverage options to keep yourself well and truly safe from lawsuits and other issues. Two coverage options you may want to consider are independent contractors liability insurance and commercial auto insurance. Having these on hand can help you deal with fallout from:
- Lawsuits resulting from proven contractor error
- Damaged company vehicles
- Injury to employees while driving company vehicles
Independent Contractors Liability Insurance
This type of coverage is what you’d use to protect yourself in the even that one of your contractors makes a costly mistake on the job. If a client you’re working with is able to prove it was your contractor’s fault that expensive damage occurred on a construction site, this type of insurance would offer a certain amount of coverage for the amount being sued for. The amount in question depends largely on the type of damage that occurred.
Commercial Auto Insurance
Commercial auto insurance keeps your employees and company vehicles protected while in use at a work site. Most insurance agencies will require you to keep a list of specified drivers on your policy. These drivers will likely need to be assessed as responsible, trustworthy drivers in order to be eligible for your policy.
In construction, accidents are bound to happen. Having independent contractors liability insurance and commercial auto insurance on your side is a great way to ensure you’re ready when they do.