There is no single construction insurance policy that you can buy to cover every aspect of a project. Instead, the term “construction insurance” encompasses various coverage types you can purchase to protect certain risks, such as lawsuits, car accidents, and property damage. You may need completely different coverages from one project to the next, depending on its scope. However, some form of construction insurance is absolutely essential if you want your business to survive unforeseen disasters.
Work accidents are frequent in the construction industry—employees get injured, buildings sustain damage, and expensive tools disappear from work sites. Minor slip-ups usually cost a few hundred bucks to fix, but substantial mishaps can drain your bank account and put your future in jeopardy. If you can’t afford to drop hundreds of thousands of dollars on property damage or a liability lawsuit, construction insurance should be a non-negotiable asset for your business.