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.
Property Insurance
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.”
Liability Insurance
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
Insurance products are not deposits of Redwood Credit Union and are not protected by the NCUA. They are not an obligation of or guaranteed by Redwood Credit Union and may be subject to risk. Any insurance required as a condition of an extension of credit by Redwood Credit Union need not be purchased from Redwood Credit Union and may be purchased from an agent or an insurance company of the member's choice. RCU Insurance Services is a wholly-owned subsidiary of Redwood Credit Union. Business conducted with RCU Insurance Services is separate and distinct from any business conducted with Redwood Credit Union. License no. 0D91054. NPN no. 7612227.