Insurance is a smart investment to protect your business from the many risks associated with construction. It’s difficult to think of every situation when it comes to insurance, and there might even be types of coverage you haven’t considered that you need for your jobsite. In part one of this article, a Chattanooga construction lawyer discussed some familiar types of insurance for contractors. In this part, a construction lawyer explains some types of coverage you might not have considered.
Umbrella Liability Coverage
Because general liability coverage encompasses so many possible risks, umbrella liability coverage is usually used as an additional form of coverage. Umbrella coverage helps cover any costs beyond the amount the general liability coverage will pay. That’s why this type of policy is often added by contractors with larger construction sites to manage.
Workers’ Compensation Insurance
If you have employees on the jobsite, you need workers’ compensation insurance. This insurance helps cover medical costs and wages while the employee is injured. It’s also good to know if any subcontractors you have on the jobsite have workers’ compensation insurance. If they don’t and they get injured on your jobsite, you could be liable.
At construction sites near bodies of water or at low elevation in relation to nearby land, it’s smart to get flood insurance. Many general policies do not cover flood water damage, so it’s important to consider if you need to add this to your policy.
Commercial Vehicle Insurance
Business-owned vehicles are important assets. Like any privately owned vehicle, company trucks, vans, and cement mixers all need to be insured. Accidents can happen while driving or operating equipment and other general liability policies won’t cover these in most cases.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.