You may believe that your construction company has all of the insurance that it needs. General Liability and Builders Risk Insurance are must-haves, but do you know about other policies that can protect your business? These are three policies all construction companies should consider carrying to be sure they are fully protected against loss.
1. Installation Floater Insurance
Installation floaters protect you against loss when your building materials are in transit. Once building materials are off your site but not yet at their destination you may not have insurance coverage. This policy protects you against loss while you're on the road.
2. Commerical Truck Insurance
Different from commercial auto insurance, commercial truck insurance specifically covers large vehicles like dump trucks, cement mixers, semis and the like. You can also purchase policies that offer cargo coverage, general liability coverage and downtime coverage, among other options to fully protect your company.
3. Errors & Omissions Insurance
Errors & Omissions insurance, or E&O, covers you against claims that arise from financial loss due to errors or omissions in your work. Carrying this policy can help you sleep better at night, knowing that if an honest mistake is made your company is protected in the case of financial loss.
All construction companies should consult with their trusted insurance provider to see if these policies could help protect their business.