Construction can be one of the most hazardous professions, so managing risk and obtaining adequate insurance coverage is critical to the success of your construction firm. When searching for commercial insurance in Hobbs, New Mexico for your construction company, it is vital to know what industry-specific coverages you may need.
If you hire outside contractors for a specific project, such as a roofer or a concrete company, you don’t want to be held responsible for any accidents resulting from their work. Therefore, any subcontractors that you work with should be added to your liability policy as additional insureds so that you are not held liable for someone else’s mistake.
Builder’s Risk Insurance
This sort of policy prevents you from being held liable for damage to a building under construction. Occurrences like these are fairly commonplace due to the unstable nature of half-finished structure combined with constant exposure to the elements.
Business Interruption Insurance
This type of insurance covers you for any income you may lose if your work is interrupted by a disaster of some sort. For example, if there were some sort of toxic chemical spill at your worksite that prevented you from working for a few weeks, your loss of income would be covered under this policy.
Like all business ventures, your construction company requires commercial insurance in Hobbs, New Mexico. However, the unique hazards and risks inherent to your occupation require specific coverages.