As a project or site manager for a construction job, it is your responsibility to determine the appropriate types of coverages that you need to have in place in order to protect against loss. These coverages include protection from loss that arise from the operation of a crane (crane liability insurance) or other forms of heavy equipment (heavy equipment insurance) and general liability coverage related to the overall construction project. Regardless of the form you need for your construction project, you should work closely with a construction insurance company in order to assess the insurance needs for your construction site.
The importance of having sufficient amounts of insurance in place cannot be overstated. The various kinds of insurance policies that are available to you as a construction site manager provide a valuable potential benefit in the event of a loss. Here is a brief discussion of the different types of insurance that you need to have in place when engaging in a construction site project. These forms are a sampling of what you should consider for your project and the guidance provided here should serve as your impetus to discuss these and other forms with a knowledgeable construction insurance company.
General Business Liability Insurance
One of the most basic forms of insurance that you should have in place when involved in a construction site project is general business liability insurance. Also referred to as Commercial General Business Liability insurance, this type of insurance helps you protect your construction company and its assets against claims arising from injury that occurs on the job site. It also helps provide for the value of any loss associated with damage to property and medical costs that may be attached to job site injuries, for you, your employees and others that are on the construction site.
The litigious nature of society dictates your need to protect yourself from the potential of being sued or having claims made against the assets of the construction company. The amount that you pay in premiums associated with a liability insurance policy is a small cost relative to the potential damages award that may be levied against you should a loss occur.
Crane Liability Insurance
In addition to general liability coverage, which provides you with the level of protection you need to cover certain liabilities associated with your construction business, you should consider purchasing crane liability insurance to specifically cover loss that arises from the operation of your crane and rigging equipment. The inclusion of a crane liability insurance policy helps protect against the risk of loss that may come from property damage or personal injury in connection with the operation of a crane on your construction site.
There have been several documented cases of crane operation accidents that have occurred that give rise to the need for you to have adequate protection in place for your business. The improper installation of your crane assembly, rigging failures and the dropping of the crane’s load are some of the common crane accidents that occur and could wind up you costing millions in damages if you are not properly protected against this potential risk to your business.
Heavy Equipment Insurance
You have made a significant investment in the heavy equipment associated with your construction site project. This includes any tractors, trailers, backhoes, forklifts and other pieces of heavy equipment necessary to dredge, excavate and build on your construction site. The value of this equipment may represent a significant capital investment in your company that requires you to have the appropriate amount of insurance in place. Heavy equipment insurance helps coverage damage or loss related to your heavy equipment, helping you recoup the value of any loss that could create a hardship for your construction site project.
If you have any concerns about your risk liability and the loss exposure that would create a significant disruption to your business and its financial future, you should immediately consult with a construction insurance company in order to discuss the options available to you.
For all your construction site insurance needs, contact the Pittsburgh insurance brokers at Allied Insurance. At Allied, we believe that insurance is a powerful tool that you can use to mitigate against potential financial loss related to damage and injury caused on your construction site. The cost to you in having construction site insurance is small relative to the potential claims that could come your way should injury or damage occur. Make sure your company is adequately protected and contact Allied today.
*Allied does not deem this blog entry as a complete and thorough listing or overview of the above topic, and does not recommend it be primarily relied on. It only highlights some common issues and resolutions. For a thorough overview, please contact Allied’s Risk Engineering Division.