Insurance

Choose Construction Liability Insurance in MA

Construction Liability Insurance

Building property is a lucrative line of business, even in tough economic times there remains a demand for property.  This is because there are always those who have the funds available to purchase properties while they are cheap and either sell them later or generate an income from them.  Unfortunately tough economic times tend to increase the number of people looking to rent property.

However, constructing a property is not without its own risks.  There are unforeseen factors which can interrupt a build and issues which can arise that delay or even terminate a build.  This will put any developer in a difficult situation which is why it is essential to use the services of Murphy Insurance Agency; they can assist you in choosing the right construction liability insurance in MA.

There are several factors to consider when choosing your policy:

Needs

You may feel that it is not an essential purchase for your build.  However, anyone involved in the construction trade can benefit from this type of insurance.  This includes contractors, plumbers, electricians, carpenters, security firms and, of course, builders.

The reason is simple; every one of these construction professions deals with items that can cause injury to others.  Even if this is done accidentally you can find yourself on the receiving end of a lawsuit.  This can easily involve significant medical bills and even ongoing care; without insurance you will almost certainly be financially crippled.

Coverage

It is, therefore, essential to consider the level of covering being offered by your potential policy.  The best policies will provide a good general liability cover which deals with third party incidents to anyone on, or even next to your site.  Anyone injured will need to have been behaving in accordance with the safety rules and regulations in force.  You should also consider a policy which covers business owners cover.  This will allow you to obtain funds through the loss of income part of your policy; a useful item if something has happened beyond your control but which is affecting your earning potential.  You should also ensure your policy includes workers compensation; this will help them get back to work quicker.

Finally a good policy should provide coverage for all the vehicles you operate.  Whilst you may need a separate policy for any road going vehicles, your general policy should be designed to cover the construction vehicles you are using on site; this can even extend to tool insurance if you have any particularly expensive tools.

Cost

The cost of your policy is an important factor.  You will, of course, want a policy which provides you with all the essential elements of cover listed above.  However, the cost of this policy must be in relation to the size of your project or workload.  It is essential to discuss these requirements with your broker to ensure you get the correct balance and are not at risk of going out of business from a non fault accident.  Insurance is a tool which is never appreciated until it is needed; hopefully it will never be required but it is definitely better to be prepared.