Construction is a business that can be very profitable, but many things can go wrong during a project. Injuries, accidents, and problems with work can threaten to put your company out of business because of consistently growing costs. That’s why your company needs construction insurance. In this article, a construction defect lawyer from Clarksville, TN, discusses insurance for construction projects.
Related: 6 Types of Insurance for Contractors
Builders Risk Insurance
Builders risk insurance protects your company against problems with materials, fixtures, and equipment that needs to be installed. This covers you with renovations and new construction. It is a must type of construction insurance no matter what kind of projects your company works on.
Commercial General Liability Insurance
Commercial general liability insurance can help you cope up with all possible eventualities that your business may encounter. It provides protection to the contractor or business owners against any damage or loss that may be inflicted on the property or the people working on the construction site. The insurance coverage for construction projects will vary depending on the size and scope of the project as well as the nature of the actual construction work that is being carried out.
This insurance is basically meant to cover the contractors or business owners against any claims that could be made as a result of negligence or any sort of errors that may be committed by the contractors and business owners while carrying out the construction project. Basically, the insurance policy for this particular insurance is designed to protect the general public from any harm or injury that could be inflicted on them as a result of construction-related activities. It’s also meant to protect any claims that are made by the general public as a result of construction accidents.
Commercial Auto Insurance
The typical commercial auto insurance policy will cover business vehicles that are used for work-related activities. This could mean your company’s vehicles that are used to transport employees to and from work, the vehicles used by the business owner, or any other vehicles owned and used by the construction business. These policies typically provide coverage for the driver as well as any passengers who may be in the vehicle at the time of the accident.
Finding the right insurance for your construction company largely depends on your work and your needs. Companies regularly partner with lawyers to determine their liability. If you have questions about insurance for construction companies, contact a construction attorney in Clarksville, TN, from Cotney Construction Law.
If you would like to speak with a construction attorney in Clarksville, TN, please contact us today.
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.