Construction can be dangerous work, and contractors invest significant amounts of money in their business. Whether you’re working solo or have a crew of employees, business insurance is a must for protection. You may require different policies based on the types of threats you face and the assets you have. Here’s an overview to guide you toward making a policy plan.

4 Types of Insurance for Building Contractors

1. Builder’s Risk

This policy protects a property as it’s being constructed along with the building materials stored on-site. They are for terms of three, six, or 12 months and cover losses from fire, theft, and natural disasters up to a certain amount.

Builder’s risk is essential for ensuring you don’t get financially ruined by a disaster or have to abandon a project. Note that you may need to upgrade to a premium policy for coverage against flooding and water damage.

2. Liability Insurance

Liability coverage protects you when accidents happen. If someone is injured on the job site or poor construction leads to an injury after the build is complete, this policy guards against losses you may face in a lawsuit. It covers legal costs throughout the process and, if needed, the amount you’re sued for.

3. Workers’ Comp

Workers’ compensation is legally required and protects employees injured on the job. The plan pays missed wages, medical expenses, and legal fees if you’re sued by the employee. No matter how experienced and safe you are, you can never be certain an accident won’t happen on a construction site, which is why these policies are so important.

4. Auto Insurance

Whether you’re a small team with a fleet of vans or a larger company with dump trucks, freight trailers, and large vehicles, you’ll need commercial auto insurance. If your vehicle is put out of commission in an accident, this business insurance policy will cover a temporary replacement or reimburse you a portion of its value so that you can purchase a replacement. The coverage will also protect you if you or one of your employees injures another driver.

Nothing can match the peace of mind a business insurance policy provides, and Wilson Insurance Agency will help you secure everything you need. This Dalton, GA, team supports a variety of plans, including boat and auto insurance, renters and homeowners coverage, and liability plans. Call (706) 278-0549 to request a quote or visit their website to explore your options.