As a civil contractor, you're responsible for all the work that goes on at your construction sites. While you may take all appropriate steps required to ensure work flows smoothly and safely, accidents, injuries and property damage may still happen. For this reason, it is essential to prepare for the unexpected by managing the exposures you face with the right insurance.
Civil contracting insurance is not a 'one-size-fits-all' product. No two situations are the same, so you should aim to acquire insurance that is tailored to match your specific needs. With that said, here's what you should consider in order to ensure you get the best policy for your everyday operations.
Assess and prioritise your risk exposures.
Your risk exposures determine your insurance needs, so the first and most important thing you will need to do before taking out civil contracting insurance is to identify and assess the risks you face every day. Risk exposures usually vary from contractor to contractor, so it is important to prioritise the risks you're most likely to face.
Risk exposures are typically classified by risk type. Some of the common types of risks that you may encounter include:
The risks can also be management-related, such as reduced employee productivity. It is important to periodically review your risk assessments and priorities because the risks you face may change down the line.
Check what various insurance companies are offering.
There are various contracting insurance companies out there. When you are looking for civil contracting insurance, narrow down your search to companies that are experts in your specific field. These specialists will review your risk exposures and tell you the best insurance for your business at a competitive rate.
Different insurance providers offer different policies and premiums. Keep in mind that the cheapest policy is not always the best option, as it may not provide enough coverage for your business. If you need help choosing the best insurance policy for your civil construction business, look for an insurance agent you trust and let them guide you through the process of getting the most out of your insurance policy.Share
15 October 2018
Hi, my name is Jennifer. I am a professional, a mother and a home owner. I also have insurance policies that affect all of those roles. I have coverage on my business, life insurance to protect my kids in the event anything happens to me and coverage on my home. I have found that the basics just don't provide the peace of mind and security that I need so I always buy supplemental policies. If you want to ensure that the people and things you love are protected from a financial standpoint, you may also need supplemental policies. This blog will explain what you need and how to know what you need. It will also have money saving tips. Enjoy!