Due to the type of work performed on a job site, the construction industry is one of the most dangerous industries to work in. To own a construction business, you have to understand the inherent risk and protect yourself in advance.
The Risks in Construction
There are several kinds of risk at a job site. Risks include:
- Damage to your equipment and property
- Injuries to third parties
- Damage to rented space
Your business could suffer lawsuits based on false advertising, copyright infringement and libel or slander. Not only should you take responsibility for your actions, but your employees actions on the site.
The Solutions to Your Risks
The solution to the inherent risks is insurance coverage. Most owners in the construction business have a builders liability policy and a general liability policy. The builders liability policies cover your equipment, property and other equipment if damaged due to theft, vandalism, fire and more.
General liability, on the other hand, protects you against lawsuits. General liability covers injuries that occur on your property and damage to the build site if it belongs to a third party.
Owning a construction business comes with a lot of responsibility. You have to recognize the inherent danger and plan for the worst. General liability insurance construction business owners use is your best shot at protection.