Construction General Liability Insurance
Construction general liability insurance will ensure that you and your finances are safe from any possible claim against your company. As the owner of a construction company, there is always the possibility that one of your workers could be injured on the job. If you do not have general liability insurance, you would have to pay for any hospital bills that might be required for that worker. Even worse, if you were to be sued for this injury, you could lose your company because of it. Keep yourself safe from this type of situation by purchasing construction general liability insurance today.
Up to this point, you may have been hesitant to purchase small business general liability insurance for your construction company because you think that it will cost you and your company too much money. Whether you have owned your company for years or are just starting up, this is a purchase that you simply cannot live without. By shopping online for construction general liability insurance today, you will be able to save the most money on your coverage. You will be provided competitive free quotes from companies in your area. Simply compare these different quotes until you find the one that is best for your finances and your company.
What General Liability Insurance Covers
Construction general liability insurance will cover your company and your personal finances up to a certain point. If one of your construction workers gets injured on the job, you could be held liable for their injuries. You would have to pay for any of their medical costs that might be required. These can be rather expensive on their own, but they are not all that general liability insurance will be able to help you cover.
If your construction worker decides that his or her injuries were due to your negligence, he or she could seek money to pay for any pain and suffering that he or she might have endured. During this lawsuit, your company, its finances, and your personal finances will be at risk. If you have construction general liability insurance, you will be able to protect all of those things that will be at risk. You will only be covered up to a certain monetary point, but this will make sure that you do not lose your construction company in the process of this lawsuit. Even more importantly, you will not lose your own money or your home.
Because general liability insurance will not cover everything, you might also want to purchase extra coverage. Let us say that you are found to be at fault in a worker's injury. If he or she sues you for one million dollars, you might have a construction general liability insurance policy that helps by paying up to $750,000. Having this general liability insurance there to pay for that much of the lawsuit will certainly help, but your construction company will still be required to pay for $250,000. Keep that in mind when you are shopping for construction general liability insurance because you might want to purchase more coverage.
Limiting Your Risks
Because your policy will only be able to help you pay for part of any incident that might occur at your workplace, the best way to help you save the most money is to limit your risks. You can do this by safeguarding your business and keeping your employees informed of safe practices to prevent any accidents from occurring. One way to do this would be to require company-wide safety courses before any new employee begins working. Have these courses be mandatory and make sure your employees take follow-up courses.
To help limit claims to your construction general liability insurance company, you will also want to make sure that all of your equipment is working properly and safely. Make sure to have frequent inspections of your equipment to ensure that all of it is in safe, working order. You might have requirements as mandated by your state, but it would not hurt to have extra inspections for your equipment that you use the most often. This will ensure that it does not break during a job causing an injury that would require a claim.
You can even help yourself limit construction general liability insurance claims by taking safety courses yourself. As the owner of the company, it is important that you are current with the policies and safe practices of running your type of business. Take a course or two that will help you stay fresh on the policies that will help your workers remain safe in the workplace. That way, when you are on a job site, you will be able to notice anything that is being done that is not safe and will be able to stop it before an injury occurs.