Construction Insurance

How to Avoid Financial Ruin With Construction Insurance

In the construction industry, there are a lot of risks. When you don’t have adequate insurance coverage, you could devastate your business with legal fees. Lawsuits can happen, particularly on a jobsite where there are several risk factors. Here is what you need to know about coverage for your company.

General Liability Coverages

General liability is a broad coverage. It generally covers property damage or injury. For instance, if someone falls on your construction site or suffers an injury on your site, you could be liable. This could be contractors, guests to the property or someone passing by. If someone suffers an injury on your site, then the general liability coverage will help you with legal fees.

Risk Coverage

The risks involved in construction are a serious variable to your coverage. While every company has to have its own customized coverage, there are some coverages that no construction company should go without.

These policies cover:

  • Materials
  • Equipment
  • Property

Damage to your construction site can occur due to vandalism, storms, theft, vehicular accidents and more. It is important to know the exclusions in your policy. For instance, some policies will not cover damages that are caused by earthquakes or water damage.

To protect your construction business, you need construction general liability coverage. Without it, you could financially devastate your business.

The Importance of Nursing Home Insurance With the Increased Aging Population

As the U.S. population continues to age, nursing homes are soaring in popularity. Senior living is crucial, especially as the healthcare needs of older adults increase. To run nursing home, however, healthcare providers need to invest in insurance for nursing home risk management.

Protection for nursing homes and care providers is a necessity.

Nursing Home Risks

When you work in the medical industry, you have to protect your facility’s assets. Errors in a nursing home might include prescription errors, staff injuries, slip and fall injuries, and more. As the population in nursing homes increases, the risks involved with running a nursing home will also increase.

In addition to insurance, long-term care facilities can protect themselves with a risk management plan. This plan is to help protect the residents from any avoidable injuries or sickness while within the home. Risk management has to address the potential hazards and physical risks in the facility.

Nursing Home Coverages

The coverages that you may find for nursing home or long-term care facilities include:

  • General liability
  • Excess liability
  • Professional liability
  • Cyber liability
  • Commercial automobile
  • Property coverage
  • Workers’ compensation coverage

All coverages depend on the type of facility and the unique risks that your facility has. Insurance programs that cater to nursing homes are often customizable.

Contractors and Construction Insurance in Wayne, NJ

Being an active participant in the construction industry means that you fully realize that safety must be the number one priority for both workers and visitors to the worksite. Construction Insurance in Wayne, NJ is vital for all contractors to have in place. This policy will provide coverage in the event that anyone is injured on the job site.

Examining hiring practices

The construction industry is made up of individual workers, each contracted to provide services under distinct terms, from subcontractors to hired employees, and from labor brokers to independent contractors. There are different circumstances with each type of paid worker. With subcontractors, it’s generally advised that you, as a contractor, draw up a contractual agreement while ensuring that participants are licensed, bonded, and insured before hiring them. They bear equal responsibility for the project and may be liable for any issues if a client deems that the work is subpar, or in the event that the job is not completed.

Hired employees, however, don’t fall under the same requirements. For example, when hiring employees, the contractor is required by law to withhold taxes, pay wages, benefits, and comply with all employment laws. They are also required to provide workers comp insurance in the event of any on-the-job injuries. The contractor may also opt to solicit a broker to help provide labor. They will have a similar relationship with these workers who are also considered employees during the course of performing work for the contractor’s company.

Hiring independent contractors means that the contractor pays them directly but isn’t responsible for paying benefits or withholding taxes. There are strict tax reporting requirements in place for working with independent contractors that must be followed to avoid breaking any rules or laws regarding this type of employee, which could result in costly fines if not adhered to.

The Occupational Safety and Health Act (OSHA) require that contractors provide a safe workplace for their employees, one free from any recognizable hazards. Things such as tools, scaffolding, debris, and any large machinery and trucks constantly moving back and forth all pose concerns due to the risks involved in working in these conditions. In any case, Construction Insurance in Wayne, NJ should, without question, be used to provide necessary benefits, along with protecting the interests of everyone involved in the project.

Three Reasons You Need Construction General Liability in Newton, NJ

As a general contractor, you have a lot you are responsible for. Your work site is often a dangerous place to be and you typically have the duty of making sure your employees are protected from those dangers. As you consider the options you have, don’t overlook construction general liability in Newton, NJ. The following are three reasons you need this coverage:

  1. Security – Instead of worrying about claims being brought against you simply for handling a dangerous job, you can do what you are best at and know you are secure if someone comes after you financially. This also gives your employees a sense of security.
  2. Protection – You need your assets to do your job, and if they are seized so you can afford a judgment, you could be put out of business. General liability protects your assets, and essentially your company.
  3. Survival – Nobody plans to have a judgment brought against them, but especially in a risky industry, you can’t be too careful. You need a survival plan to ensure your business stays intact no matter what happens.

As you can see, there are some important reasons to consider construction general liability in Newton, NJ. Speak with your insurance agent today to get more of an idea of what you can do to protect your business and your employees.

Clients, Employees, and New Jersey Contractors Insurance

There are many ways to protect your construction business and having proper new jersey contractors insurance is just one of them. One of the first areas that need considerable thought is your hiring practices. You’ll want to hire a team of employees that is dependable and responsible. Having good people in place working for you is one of the keys to success. Make sure that you not only hire competent workers, but also ensure that you keep them happy and continue to retain good workers for all of your company’s projects.

Make the client your number one priority

Always put the client first. This is accomplished by having a good line of communication. While performing the work, make sure to stay in communication with the client along with others you’ll be working with. Not only will this allow for the project to run smoother, it may also lead to being awarded future projects.

You’re going to be judged first and foremost by the service you provide. The best way to increase customer referrals is by offering quality service to all of your customers, big and small. Satisfied clients will offer referrals that will grow your client base and increase profitability. It is a prudent practice to make sure that you are not only reaching out to potential new clients but also checking in on previous ones. Make sure that they know how to contact you in the event that there are any issues with the work you’ve performed.

Also, remember that the world is constantly changing. It’s important to stay up to date with technological advances within the industry. Being familiar with any new technology can help increase production as well as allow for better networking.

Having all the necessary New Jersey contractors insurance coverage in place will give you some much needed security. Growing your business requires that you take certain precautions to help ensure the security of yourself, your clients, and your employees, including visitors to work sites and even unexpected guests or intruders. You need a policy that will protect you and the business against injury and property loss.

Bonds and Insurance for Contractors in Clifton New Jersey

There are several issues that must be addressed when it comes to insurance for contractors in Clifton New Jersey. There are many aspects of the different types of coverage required in the state for all types of businesses, and contractors have to set their insurance goals apart due to their particular line of work. For example, their pay scale is often quite different and therefore requires different employment practices. They also require a variety of bonds to bid on jobs as well as supplemental bonds to ensure the work is done accordingly.

We would like to take some time to share the array of insurance concerns for contractors and give an overview of what to expect when speaking to an insurer.

Basic coverage needs for most contractors

Workers compensation: Contracting businesses often use independent contractors or part-time workers rather than relying on full-time employees. However, that doesn’t make them exempt from having workers compensation insurance in the event that one of their workers gets injured while on the job. Having workers compensation coverage is one of the most important parts of a contractor’s insurance package.

Product liability: This varies from contractor to contractor and depends on what the contractor specializes in, but the end result of a job can leave the contractor liable for what he or she creates in terms of safety issues or problems which may arise down the line. Any issues with the product can create problems, including lawsuits, which could result in a loss of business and a damaged reputation. Product liability coverage provides financial protection for lawyers’ fees and any compensation that may be required.

Equipment coverage: The equipment involved in construction can be much more specialized, and therefore even harder to replace if damaged. Mechanical failure or breakdown can cause lengthy delays, so having the right insurance to protect it is a wise investment.

Bonds: while not exactly insurance, bonds provide some necessary financial protection when it comes to upholding a contract. While clients ensure that a contractor upholds his or her responsibilities, a bond also guarantees the contractor gets fully compensated for his or her efforts.

Protect your business from all the ways that those risks and concerns can cause financial losses, along with the workers that keep your business on its feet. Purchase insurance for contractors in Clifton New Jersey for the peace of mind that you deserve.

A Well-Constructed Safety Program Can Avoid Hefty Lawsuits

Professionals in the building industry were reminded recently that the wheels of justice may turn slowly–but when they do, they can end up costing a fortune. News ripped from recent headlines underscores the need for construction insurance in New York. A multimillion-dollar verdict was awarded to the families of two men who were killed in a horrific accident in Manhattan’s Upper East Side, involving a crane collapse in 2008. While one man fell to his death when parts of the 200-foot-tall crane broke off the main structure, the other was crushed when the broken pieces landed on him.

While no amount of money can bring the men back or end the suffering of the families who loved them, the victims’ families were awarded nearly $48 million in the lawsuit which named the crane owner as responsible for the accident because he allowed inferior repairs to be made to the equipment. Although the man was acquitted of manslaughter and other criminal charges, he and his company were ordered by the jury to pay a staggering $47.8 million to the families of the victims. Without a solid, comprehensive approach that provided coverage for liability on the grand scale, most firms would find themselves out of business for good, or at the very least, mired in debt, in the event they suffered such a loss.

With tragedies like this one and another that occurred just two months earlier which killed seven people, the safety of overhead cranes and hoists was forced into the spotlight, and many new regulations have been the result. These mechanical behemoths are relied on to move heavy, bulky, oversized materials and objects that traditional handling methods are unable to move. They operate on a railed support structure called a bridge, with a trolley on wheels that rolls horizontally back and forth across the bridge. There are a number of different types of this structure, including gantry and semi-gantry; cantilever gantry; storage bridge; and wall cranes.

No matter which type your business operates, it is essential to the well-being of your organization that you work with a professional insurance agent with expertise in this industry to create a well-built construction insurance program in New York. An experienced agent can offer advice about your safety program as well, including the OSHA requirements that regulate overhead crane safety. Talk to an agent today.

Professional Liability Insurance Is Vital for Construction Management Firms

Construction management risk is pretty standard in the industry, which is why securing the right
insurance policy is so important. Firms tasked with overseeing building projects can be held
accountable for errors made by sub-contractors and other entities. Without the proper protections in
place, a firm may find itself in dire financial straits with very little recourse.

To this end, a professional liability policy must be a part of a firms larger insurance plan. These policies
offer much needed funding to companies facing allegations of negligence or wrongdoing, which can
then be used to cover court costs, or even pay out damages if necessary.

Customized Coverage Can Afford Many Benefits

Because the construction industry includes so many unique risks, its important for firms to seek out
customized coverage to best suit their exact needs. This is especially true of professional liability
insurance, which should be tailored to a specific industry to afford the best protections available.

The actual work completed by a firm can be one component in securing suitable insurance coverage.
This can help determine the level of construction management risk involved, which can be extremely
helpful to insurance companies when designing policies for a specific firm.

Insurance Suited to the Construction Industry

When seeking quality insurance plans for the construction industry, securing comprehensive coverage
is extremely important. While general liability policies are certainly helpful, professional liability is
highly important when contending with claims related to unsatisfactory service.

Builder’s Risk and New Jersey Construction Insurance

Construction is a complex process that carries a tremendous cost and involves many components. The cost may be even further impacted if there are delays during construction due to a particular loss or any damages occurring to any component or member of the crew. This points out just a few of the obvious reasons why it’s important to make sure that you purchase New Jersey construction insurance in the form of builder’s risk.

Even with the best planning, and proper safety measures in place and observed, accidents may still happen over the course of a project. Due to the work involved, construction presents a much greater risk than those existing in other businesses and you can only benefit by finding great coverage to keep both your building and your equipment protected.

Builder’s risk policy: what is and isn’t covered

Acting as a form of property insurance, builder’s risk insurance provides a protective cover to shield contractors from a costly financial situation should the building sustain a loss such as fire, wind damage, or an “act of God.” It covers everything from the theft of items, for example, stolen copper piping or appliances, and vandalism or accidental property damage.

Similarly, equipment coverage insures your tools and machinery, which you’ll find aren’t normally protected under a builder’s risk policy. Without the proper builder’s risk insurance coverage, just one lawsuit could financially drain a company, a risk that no one should be willing to take.

Ensuring that you have the needed coverage in place

In a conversion, if something happens to the property mid-construction, most policies will only cover the actual cash value of the building and not the replacement cost. This is another reason it’s important to not only read the policy, but also understand the policy language. For new construction projects, you need to make sure that in addition to the structure being covered, the scaffolding, the pipes in the ground, and other items essential to the job are as well.

Policies can be purchased that cover the owner and contractors, and you may also need to cover subcontractors and materials suppliers. These are the things to consider when purchasing New Jersey construction insurance, or a builder’s risk policy. It is important to work with a knowledgeable agent, as it can be a very complicated process, and you’ll want to make sure that you get the right coverage.

Meeting Your Construction Insurance Needs

Owners of a construction business, whether large or small, need many of the same insurance coverages that any other business needs to secure. However, they also have other types of insurance requirements that are unique and specific to their industry. When getting ready to make an important decision about your insurance program, use a professional experienced with your type of business, who works with insurance companies that specialize in risks related to the work you perform. The right insurance professional will be able to help you find construction insurance policies that package property and liability coverages in one policy specifically to meet the needs of construction firms.

Property insurance is key to any business

Property insurance is necessary to cover the real property your company owns and the personal property used in the business; for example, among the items included would be office furnishings and computers. But you must also consider machinery and equipment that moves around from job to job and will not be covered by a standard property insurance policy. This type of movable property is insured by contracts usually referred to as “floaters.”

An installer’s floater covers many different kinds of machinery and equipment during transit, installation and testing at the purchaser’s premises. While building materials may be covered, this coverage is intended specifically for equipment or machinery that contractors install, like heating or air conditioning units. The policy can also be written to cover a single job or on a reporting form.

Whether you’re a small contractor specializing in home remodeling or a large trade or construction manager, any construction management company, general contractor or trade contractor all share many of the same risk management and insurance needs. Insurers familiar with the construction business can help you by providing sound risk management programs. Partner with an insurer that can address your needs for a wide range of construction risks, for any of the following contractors:

  • Electrical
  • HVAC
  • Underground Utility
  • Excavation
  • Masonry
  • Fire Sprinkler
  • Environmental & Remediation
  • General Contractors
  • Construction Management Firms, and
  • Construction Industry Supply Companies

Don’t go another day without the proper coverage in place. Speak to a reputable insurance professional about all of your construction insurance needs.