Virtually every business, regardless of the field it is in, requires insurance. This is particularly true for construction companies because they face some very unique risks. Before getting any policy, you need to review it thoroughly to make sure you are getting all the coverage you need.
Who Is Insured?
Pay attention to who exactly gets coverage from your company’s insurance policy. Generally, all your workers and contractors will be covered in case something happens. However, many policies do not include subcontractors. If you are hiring subcontractors, make sure they have their own insurance in place or else you could be held liable if they get hurt on the job.
How Long Does Coverage Last?
You may need to get a policy on each specific construction site. You should have a time-frame in mind for how long the project will last, so you only need to have a policy for that amount of time. If the job runs over that amount of time, then you absolutely need to seek out an extension.
You do not want to begin construction if there are still questions you have about your builders risk insurance policy. Speak with your agent while you are hammering everything out so that every last detail is to your liking. A minor oversight could cause big problems in the long run.