Highway, Street, And Road Construction Contractors Insurance Program
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Highway, Street, And Road Construction Contractors Insurance Overview
To succeed in the highly competitive highway, street, and road contracting industry, you must ensure your business is properly protected. Insurance helps protect contractors from various risks associated with their work and have peace of mind that they are covered.
Let’s discuss the importance of highway, street, and road contractors’ insurance coverage and how it can help protect your business income. From protecting your company’s financial resources to protecting workers, read on to learn more about why you need contractor’s insurance.
Benefits of Highway, Street, And Road Construction Insurance
1. Safety against risk:
If your business owns a cell tower, it should have insurance to protect against accidents and disasters.
2. Legal protection:
Insurance will protect you in case of litigation and lawsuits by owners of neighboring property, such as those who live near towers.
3. Peace of mind:
Insurance will ease the fear or concern that if something happens to the tower it won’t be taken care of quickly enough for lack of funds to make repairs.
4. Financial risk:
Business owners should have insurance so that if something happens to the tower their business does not suffer greatly.
5. Protection from fees:
Cell towers are subject to special fees and taxes by different authorities, including local, state, and federal. This is why it is important to have insurance to protect against these monetary risks.
Importance of Insurance for Highway, Street, And Road Construction Contractors
All contractors should have insurance to protect their businesses and employees from financial losses due to accidents, injuries, and other unexpected events.
Asphalt paving contractors, for example, need general liability insurance to cover claims for property damage or bodily injury on a job site. They also need commercial auto insurance to protect against losses resulting from vehicle accidents and tools and equipment insurance to cover the cost of repairing or replacing damaged or stolen tools and equipment.
Highway construction contractors need similar types of insurance, as well as workers’ compensation insurance, to cover medical expenses and lost wages for employees who are injured on the job. They may also need professional liability insurance to protect against claims of negligence or other errors in their work.
The same goes for parkway construction contractors, street paving contractors, and those working in street and highway maintenance and repair.
How Much Does Insurance Cost For Highway, Street, And Road Businesses?
The cost of insurance for general contractors can vary widely based on several factors, including the size and scope of the business, the type of work being performed, the location of the business, and the level of coverage needed.
For example, a small asphalt paving contractor with a few employees and a limited number of vehicles may pay a relatively low premium for insurance. In contrast, a large highway construction company with a fleet of vehicles and a high liability risk may pay a much higher premium.
It is always a good idea for contractors to shop around and compare quotes from multiple insurance providers to find the best coverage at the most affordable price. Don’t let the fear of high insurance costs hold you back from getting the protection your business needs.
Highway, Street, And Road Construction Contractors Insurance Coverages
General Liability Insurance
This insurance protects against third-party claims for property damage and bodily injury that may occur on a job site. For example, if a member of the public trips and falls on a construction site, general liability insurance would cover any resulting injuries and damages. It can also cover legal fees and settlement costs. It can provide coverage for damage to a third party’s property that results from your work. Also, it can cover any libel or slander claims.
Workers' Compensation Insurance
This insurance is required in most states and covers medical expenses and lost wages for injured employees on business property. It can also provide death benefits to the family of an employee killed in a work-related accident. Also, it will cover any legal fees associated with a workers’ compensation claim. For example, if an employee was injured due to a defective piece of equipment and sued the business for negligence.
Commercial Bond
A surety bond is a type of insurance that guarantees the completion of a project according to the terms of the contract. It is often required for contractors working on public projects and can protect both the contractor and the project owner. If the contractor fails to complete the project as agreed, the surety bond can provide financial compensation to the owner.
Commercial Auto Liability
If your business owns vehicles used for work, commercial auto insurance is essential to protect against losses resulting from accidents or vehicle damage. It can cover repairing or replacing damaged vehicles and medical expenses for injured drivers and passengers. Also, it can cover legal costs associated with any lawsuits or settlements related to vehicle accidents.
Contractors E&O (Professional Liability Insurance)
Also known as errors and omissions insurance, this insurance covers claims arising from mistakes or oversights in your work. It can protect against financial losses due to negligence claims, misrepresentation, or breach of contract. Also, it can pay for legal fees associated with defending such claims.
Equipment Insurance & Breakdown Coverage
This insurance covers repairing or replacing tools and equipment that are damaged or stolen. It can be particularly important for contractors who rely on expensive, specialized equipment to complete their projects. Also, it can provide coverage for any liabilities arising from equipment damage or malfunction.
Umbrella/Excess Liability Insurance
This insurance provides additional liability coverage beyond the limits of your general liability policy. It can be particularly important for contractors with large, complex projects with a higher liability risk. Umbrella insurance can cover personal injury, property damage, and defamation claims. Also, it can be used to pay for legal expenses, judgments, and settlements.
Conclusion
In conclusion, contractors need insurance coverage to protect their businesses from potential risks and liabilities. Contractors’ insurance can cover various potential issues, including property damage, personal injury, and equipment breakdown.
UnderWrite Insurance Services will provide your business with a comprehensive insurance coverage to protect your business. We have helped many contractors secure A-rated insurance coverage and protect their businesses from major financial losses. Give us a call at 201-580-6806 or email us a [email protected] for a free quote.