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What to Consider for Construction Insurance in Today’s Economy

construction insuranceAs much as the construction industry is suffering today, there is no room for shortcuts.  Construction insurance is a need for survival during this economic state.

It’s in the best interest to review your construction insurance now before you are faced with a claim only to realize a gap in the construction insurance policy.

Ensure maximum coverage for your construction insurance policy. Here are a few tips on how to ensure viable coverage:

Set a Budget: this may be an obvious tip for someone who needs construction insurance however it’s an important one.  When a budget is too low because construction insurance is looked at as a costly and unnecessary expense, it can put the company at risk.  Construction Insurance budget allows you to determine what you can and cannot spend relative to the particular project.  A budget for construction insurance does force you to realize the risk you need to incur for coverage you might not be able to budget for.

Raise Construction Insurance Deductibles:  you can raise or change deductable amounts on construction insurance based on the amount of risk you are willing to take.

Verify what commercial general liability covers: this part of the construction insurance usually covers property damage but not bad construction. However there is a fine line between bad construction due to property damage and just pure lack of attention. So make sure you know what the fine print stipulates.

Understand the State Laws for Construction Insurance:  State laws typically require a certain amount of property insurance, liability insurance, and workers compensation insurance. 

Determine the type of construction insurance available to you. There are options. Some companies will provide project-specific insurance where as many others will only provide blanket construction insurance. Determine what you need and how much you can afford.

Topics: Construction