Important Things to Know About Construction Insurance
The right insurance strategy for your construction business will not only help you protect yourself, your business, and your employees, but it will also help you save money and give you an advantage over competitors.
But what does the right insurance strategy look like for construction companies? To help you figure out the perfect plan for your business, these are just some of the important considerations to take into account.
Your Company Size and Revenue
If your construction business employees between 3 and 300 employees, you’re a union commercial trade contractor, and your annual sales are between $150,000 and $50,000,000, you fit right into the Rueter Construction Insurance sweet spot.
The Type of Protection Your Business Needs
There are a number of unique situations construction companies need to be insured for. A comprehensive and well-rounded plan should include protection for things like:
- Safety and injury claims
- Liability insurance
- Workers’ compensation insurance
- Commercial vehicle insurance
- Equipment and property insurance
- Errors and omissions coverage
Construction can be a risky trade, both physically and financially, but with risk management strategies in place, you help protect your employees and your property, while also helping you save on insurance. Some of the ways risk management is utilized for construction businesses include:
- Regular equipment inspections
- Pre-employment physicals
- Pre-hire and post-injury drug tests
- Reviewing contracts and insurance requirements before signing them
- Proper subcontractor documentation
- Safety and injury claim management programs
What Kind of Contractors Benefit from Construction Insurance?
Under the umbrella of the construction trade fits a number of contracting specialties that need the type of protection construction insurance offers:
- Furniture and fixtures installation
- Sheet metal
If your business fits into these categories and you’d like to learn more about a construction and insurance strategy that fits your budget and gives you the protection you need, contact Rueter Insurance today!