Key Components of Coverage for Construction Businesses

Construction insurance provides a variety of coverages to meet specific needs. This can include a business owner’s policy (BOP), workers’ compensation insurance, commercial vehicle coverage, employment practices liability, and more.

Business Owner’s Insurance (BOP)

This protects your business from legal claims and business interruptions. It often provides general liability and loss of income coverage as well. Some examples of covered events include injuries on your property, property damage, and loss of income due to business interruptions like building or equipment damage.

Workers’ Compensation Insurance

If an employee becomes ill or injured while on the job, they may file a workers’ compensation claim. This type of insurance helps pay for medical bills and lost wages. This type of insurance is mandatory in some states. It protects both the employee and the employer from unexpected medical costs.

Commercial Vehicle Coverage

This is typically an essential coverage for businesses in the construction industry. Your power units are crucial to getting the job done. From parts to theft to liability, protecting them protects you.

Employment Practices Liability

Employment practices liability protects you and your organization from massive exposure to liability in the event that a current or former employee pursues legal action. This legal action can come in many forms, and can prove costly to your bottom line and your reputation without the appropriate resources in place.

Legally Mandated Coverages

The legal requirements for construction coverages vary from state to state. Several factors inform the coverage requirements and costs, including where and when your business operates as well as the total number of employees. Contact The Reilly Company to learn more about construction-specific coverages.