Insurance is essential for every business, a buffer to protect it from financial disasters. In addition, the construction industry carries its own set of risks. Planning ahead by getting the appropriate coverage from your contractor’s insurance in Texas is the best way to secure your future and that of your business.
Risks for Contractors
A wide range of risks can endanger the security of your business. Consider just a few:
- Weather extremes like hurricanes, tornadoes, floods, wind and ice storms
- Incompetent subcontractors
Anticipating problems makes good business sense. Putting together a business disaster recovery plan helps you know what you need to do now to be prepared. The foundation of that plan is the right amount and type of insurance for your contracting business.
Types of Insurance
There are several types of insurance available to contractors in Texas. What you need depends on several factors, including:
- The type of contracting jobs you provide.
- The number of employees you have.
- The size of your business.
To figure out what you need, perform a risk analysis. This is a map of what possible events might negatively impact you in the future. A professional contractor insurance agent can help you put together a detailed assessment.
The most common types of contractor’s insurance are:
- General liability insurance
- Workers’ compensation
- Commercial auto and truck insurance
- Surety bonds
General Liability Coverage in Texas
The foundation of your insurance plan is general liability coverage, the first step in protecting your business and your assets from loss due to litigation. If someone sues you, you can still carry on.
Liability coverage includes product liability, property damage, personal injury, other types of injury and damages, product liability, advertising injury and completed operations.
For large firms, an umbrella policy is the most comprehensive type of insurance to get. This includes general liability in addition to a host of other types of coverage that are specific to the construction trades.
Workers’ Compensation in Texas
Every business needs to keep on top of workers compensation rates, which are tied directly to the number of claims. This is one area where most businesses can control the cost of coverage.
Workers compensation covers your employees if they are injured in the performance of their duties. It pays for medical care, rehabilitation and lost wages. In the event that a person dies, it also pays benefits to the family and takes care of the cost of the funeral.
A comprehensive safety program can reduce the number of accidents on the job, which keeps your compensation claims down and rates lower. Experts in the field of contractor’s insurance can help you design and implement such a program.
Confusion About Insurance
Getting the right types of insurance and in the right amounts will save you money today and keep your business safe in the future. But it can be overwhelming when trying to choose correctly.
A professional agent who deals with contractor’s insurance has the training and experience to help you navigate the confusing maze of policies and premiums. He understands what a business your size needs to have to stay safe.
Call BOLT Insurance Agency at 1-800-216-4171 for your contractor’s insurance in Texas needs.