There is a lot to consider when you have your own construction business in the Garden State, and with so many considerations, adding insurance to the list may seem overwhelming. However, having a comprehensive New Jersey contractors insurance plan can actually bring peace of mind. Here are three reasons you should consider construction insurance.
Insurance Protects Your Clients
While general commercial liability insurance is helpful, it fails to cover many of the specific needs of the insurance industry. For example, a builder’s risk rider will cover the structure while it is in the process of being built, which keeps your client from losing their property in the event of an incident.
Your Employees Will Be Covered
Workers are routinely dealing with heavy materials and expensive machinery on the job. If someone makes a mistake, it can lead to injury, which on a job site is your responsibility. In New Jersey, contractors insurance can cover workers compensation, so your employees to recover and be back at work as quickly as possible.
Construction Insurance Safeguards Your Business
Whether it is risk to the structure, to your workers or your equipment, as a contractor, the buck often stops with you. Working with an experienced broker to find the right insurance coverage for your services can help if there is a flaw in the building design or if your tools are stolen from a worksite. You want to finish your jobs on time and under budget, and a trusted insurance company will support you in achieving these goals.
Finding a New Jersey contractors insurance policy that will cover your needs could be the difference between staying in business or going under if an accident happens.