Running your own construction business is not an easy task. Whether your construction firm is small or large, you will have a busy day. You are struggling to accomplish all your tasks. Aside from managing your admin tasks, you also need to deal with your construction workers. This means that you have to make sure that everything is on the right track. Obviously, you do not have time for worrying about any compensation claim that might make your business suffer from financial loss.
Why you need construction insurance?
If you are a construction contractor, then you need construction insurance that is tailored to suit your needs. Make sure that the insurer that you choose provides a quick and easy way of processing claims. In this way, there will be minimal interruption on your business operation.
Whether you are just starting your construction business, or you have an established company, you need reliable construction insurance that can protect your business.
Construction Public Liability Insurance
Accidents can happen anytime. It seems that they are part of any business. If you are in the construction industry, then you simply can’t avoid incidents such as damaging the house of your client or a member of the public tripping over your tools. No matter how careful you are, these things are just unavoidable.
Public liability insurance is designed to cover these types of unforeseen incidents. This type of insurance can provide you the essential protection that you need in case claims were made against you or your business because of an injury or damage to their property.
Construction Financial Loss Insurance
One of the unfortunate things about being part of the business world is that accidents can happen. But aside from the injury to a member of the public or damage to a client’s property, there are times that the actions of your company might result in financial loss in another business. This type of claim might cost you tens of thousands. That is why be sure to have financial insurance in place. It can protect your business in the event that you will encounter this type of claims.
When your client or a member of the public suffers from financial loss due to an injury or damage to property, then this can be covered under public liability insurance. However, if it was not caused by an injury or damage to property, then it can be covered by financial loss.
For instance, your construction company was contracted to install new flooring on a warehouse. However, you failed to follow the right specs and the flooring that you installed does not fit its purpose. As a consequence, the floor required to be re-laid which resulted in the delay in the delivery of new equipment. Since this is your fault, then you will be liable for paying the storage costs and transportation costs for the new equipment. These extra costs can be covered by a financial loss insurance policy.
Products Liability Insurance
Products liability insurance can protect your business in case the product that you supply, or manufacture caused an injury or damage to property. Why do you need products liability insurance? You are legally liable for the product that you supply or manufacture in the event that it caused an injury or damage to property. Even if you did not manufacture the faulty product and you supply it to your customer, then they can still sue you. You will be liable for paying the compensation claims in case your business name can be found on the product, the manufacturer of the product is not active anymore or is unknown and if you’ve modified or fixed the product. During these incidents, product liability insurance can provide financial protection to your business.
Is Products Liability Insurance legally required?
Typically, products liability insurance is not mandatory. However, in case the product that you sell, distribute, manufacture, or supply proves to be defective then it can cause serious damage. Sometimes the damage may not be detected right away. Usually, the fault will start to appear when it is being used by the consumer. When this happens you can have peace of mind since your business is protected by products liability insurance. It can pay for the litigations and the compensation costs that will be awarded to the consumer.
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About business banking
A business bank account is essential for any business – whether you are a contractor or a large firm with thousands of employees. There are many business account options with different account features based on your specific needs, including overdraft options, online banking, free business banking and interest on in-credit balances.