Your small construction business needs several of the same insurance coverages as any other business, as well as other types of insurance specific to your industry.
You may need property insurance to cover the real property your company owns and the personal property used in the business, such as office furnishings and computers. Your biggest personal property loss exposures, however, may involve valuable machinery and equipment that moves around from job to job and is not covered by standard property insurance. Such moveable property is insured by contractors' insurance call “floaters.”
Since there is always a possibility that someone will file a lawsuit against you claiming to have been harmed by your work, you will almost certainly need liability insurance.
Other forms of contractors’ policies are:
- Commercial Auto Insurance
- Workers' Compensations Insurance
- Surety bonds