The Value of Business Insurance Brokers to the Construction Industry
Construction is considered to be one of the most dangerous industries in the world. Scaling tall buildings, utilizing tools that could cause injury if handled improperly, and operating heavy machinery all make construction a very risky environment that puts both the workers and the property at risk. Property damage and employee accidents are all too common at construction sites. In fact, Forbes.com lists construction work as one of the deadliest jobs in America. According to their article, there were 210 fatalities that occurred last 2012, accruing a relatively high fatality rate of 17.4%.
In a high-risk industry such as construction, contractors have to learn how to anticipate the worst. Accidents are bound to happen no matter how rigorous their safety measures are. Not all construction companies, however, can be financially prepared for every single crisis, and that’s why taking advantage of business insurance can be a great help to covering financial losses in case of emergencies.
Professional business insurance brokers are vital to developing customized insurance plans that are specific to a construction company. It is their responsibility to help contractors select insurance coverages based on a thorough assessment of the risks the company might face in the future. They can help contractors select insurance policies that provide coverage in various events and incidents such as natural disasters, property damage and accidents that may befall employees.
Construction insurance is a necessity in every construction project, no matter how small or large it is. Any company that takes part in the construction trade, whether it’s commercial or residential, is required to carry insurance. General liability insurance, for example, is required in order to protect a company against lawsuits and other financial liabilities that might result from unexpected accidents.
Remember: safety and foresight are important in the construction industry, which is why having insurance is extremely important for construction companies. Granted, selecting an insurance plan can be a heavy responsibility, but consulting a professional business insurance agent or broker may offer peace of mind and clarity. If you are looking to insure your construction company, insurance agents such as those from Allied Insurance Managers, Inc. can guide business owners through the entire process.
(Source: List of Construction Insurance, About.com)