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Rate Your Preparedness: Insurance Coverages to Help Your Contracting Business Manage Financial Risk

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(BPT) - A single day in construction can prompt just about every emotion — the pride of seeing a project near completion, the frustration of project delays and the anxiety that comes with accidents and injuries. Safety controls help mitigate risk, but accidents can still occur. If something goes wrong, insurance can help protect your livelihood.

“Fluctuating material costs, weather changes and staff shortages are a few of the many things outside a contractor’s control,” says John Lack, former general contractor and current construction consultant at Acuity Insurance. “Given the industry’s unpredictability, it’s important to manage what you can. By not being adequately insured, many contractors are leaving themselves vulnerable to the potentially business-ending impacts of accidents and injuries.”

If it’s been a while since you’ve reviewed your insurance coverage or you are not sure what’s in your commercial policy, consider the following coverages and whether it’s time to call your agent to discuss.

Workers' Compensation Insurance

When an accident occurs, you want to get your staff healthy and back to work. Choosing an insurance partner equipped with additional services can help your employees get back to work sooner, have better outcomes and save you money. Acuity Insurance offers a nurse helpline that helps streamline access to nonemergency care for injured workers. Acuity also reviews every bill incurred to make sure the treatment is applicable to the injury and charges are billed correctly. This means you’ll only be incurring costs for what you should. These services help ensure employees are cared for and reduce expenses.

Liability Insurance

General liability policies help protect a business when someone takes legal action against it. Acuity’s general liability policies apply the policy aggregate limit separately for each project and each location, satisfying your contract requirements and protecting your interests. Contractors’ errors and omissions coverage protects your business if someone sues you for work performed incorrectly. Voluntary property damage coverage applies to accidental damage to customer property you are not working on left in your care or control at a work site. These coverages provide financial protection if things go wrong.

Commercial Auto Insurance

Any business that owns or leases vehicles or has employees drive their personal vehicles for business purposes should have commercial auto insurance. Commercial auto insurance covers many business vehicle types, from cars to semitrucks. Commercial auto insurance covers your vehicle’s liability you assume while driving. Unfortunately, accidents happen, and they can get expensive quickly. Commercial auto coverage can help you get back to work after an accident.

Property Insurance

You have a lot of things worth keeping safe. Your building is your home base, and we know you rely on your tools and equipment to keep your work going. Working with your insurance company to tailor your coverages and limits should give you peace of mind that you can quickly return to work if something goes wrong.

Insurance is an important way to secure your business’s financial well-being. Choosing the right coverages and partner can make the difference between being able to rebound from financial loss and having to shut down.

“Construction is a challenging, rewarding and sometimes risky industry,” Lack says. “It’s wise to work with an independent insurance agent who understands your business and can help to ensure ongoing protection for your business.”