Construction Insurance: Building Success with Solid Risk Management

Building a successful business is no easy undertaking – it requires careful planning, dedication, and a robust risk management strategy to protect your assets and instill confidence in your clients. Construction businesses face unique challenges and need a comprehensive risk management strategy, including tailored construction insurance coverage, that will help you run your business confidently while also protecting your future.

Building Success: Every Construction Company Needs a Rock-Solid Risk Management Plan

All businesses face some level of inherent risk but, In the construction industry, risk lurks around every corner. From property damage to liability claims, unforeseen events can cripple your business financially and put your hard-earned reputation at stake. Comprehensive construction insurance coverage is designed to protect your business and assets.  With so many different policies and coverage options, figuring out what insurance coverage you need can be overwhelming. That is why it is essential to work with an experienced commercial insurance broker who can expertly assess your risk and tailor a unique plan to make sure you are covered.

Construction Insurance: Protect Your Business & Instill Confidence

When potential clients see that you have a robust risk management plan in place, they feel more secure in entrusting their projects to you. Having the right insurance coverage demonstrates your commitment to professionalism, reliability, and ensuring that your clients’ interests are protected. Not sure which coverages you need to manage risk and instill confidence in your clients? We’ve got you covered – below, we take a closer look at key construction insurance coverages to consider:

Key Insurance Coverages for Construction Businesses

• General Liability Insurance: General liability insurance is a must-have for construction workers. It covers injuries and property damage, regardless of fault.
• Workers’ Compensation Insurance: Accidents happen and this insurance covers workplace injuries and illnesses, protects you from litigation, and takes care of employees’ medical fees and lost wages.
• Commercial Vehicle Insurance: Many construction businesses use vehicles for work. This insurance covers accidents, collision, and non-collision damage related to your commercial vehicles.
• Commercial Property Insurance: Protects your business premises and its contents from various perils like theft, fire, and natural disasters.
• Builders Risk Coverage: Minimizes risk during construction projects by protecting buildings, materials, tools, and equipment from unexpected losses.
• Inland Marine Insurance: Covers goods, materials, tools, and equipment during transportation, preventing losses due to accidents or theft.
• Umbrella Insurance: Provides additional coverage beyond primary insurance policy limits, protecting your business from catastrophic losses.
• Professional Insurance: Essential for all construction businesses, it pays for damages awarded in a civil lawsuit or defense fees for groundless claims of negligence.
• Pollution Insurance: Protects against environmental hazards and related liabilities.
• Cyber Insurance: Provides coverage against data breaches and cyberattacks.
• Employment Liability Insurance: Protects employees affected by illnesses or job-related injuries not covered by workers’ compensation.

At RRM Insurance, our experienced team is dedicated to ensuring your success. Whether you’re a general contractor or a specialty contractor, your business needs a solid risk management plan. We will work hard to find the best insurance coverage tailored to your unique needs so you can focus on building and growing with peace of mind.