Having the proper insurance coverage is vital for those in the construction industry. If you’re just starting out as a contractor, here are three key coverages that you should add to your Clifton construction insurance package.
General Liability Insurance
General liability is broad construction insurance. It protects your company in case a third party sustains an injury or property damage because of your business activities. It also covers you in case your work is proven to be defective. If a lawsuit is filed against you, your policy will cover your attorneys’ fees as well as any settlements or judgments that you’re required to pay.
Since you’re going to be driving your business vehicle around to different projects, you need to also sign up for commercial auto coverage because any accidents that you’re involved in will not be covered under your personal policy. You can choose to add physical damage coverage to your policy so that any items that are permanently attached to the vehicle can be covered as well.
Workers’ Compensation Insurance
Workers’ compensation is a legally-required coverage for contractors. It protects you and your employees in case of a job-related injury or illness. Your medical costs and any lost wages will be covered by this policy.
There are many other insurance coverage options depending on your businesses needs. Work with an experienced Clifton construction insurance agent to build a policy that’s perfect for you.