Tag

General liability insurance

Apr 25

Recommended Practices for Safety and Health Programs in Construction Handbook

By Business Insurance
Effective construction safety and health practices are essential for safe and productive job sites. These practices offer a proactive way to address safety and health issues. Instead of reacting after an injury or illness, employers can prevent problems before they happen. THE BENEFITS OF PROACTIVE SAFETY AND HEALTH PRACTICES Responsible employers know the main goal of safety programs is to prevent injuries, illnesses, and deaths. However, there are other benefits too. For example, these practices can: Improve production and quality Boost employee morale Help with recruiting and retention Enhance your reputation with customers, suppliers, and the community By addressing hazards early, employers…
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Mar 28

How Insurance Purchasing Decisions Vary by Construction Specialty

By Business Insurance
The recently published Construction Insurance Benchmark Report by Assurex Global provides valuable insights into the insurance purchasing decisions of 1,983 construction companies across five specialties. This data helps validate industry experiences and offers contractors a clearer understanding of how insurance policies and limits vary by specialty. INSURANCE TRENDS BY CONSTRUCTION SPECIALTY The report categorizes construction companies into five specialties based on NAICS codes: General construction (NAICS 2361XX and 2362XX) HVAC, electrical, and plumbing (NAICS 2382XX) Highway/underground (NAICS 2371XX and 2373XX) Trade contractors (NAICS 2381XX and 2383XX) Other specialties (NAICS 2389XX) Key Findings: Highway/underground contractors purchase higher limits of contractor’s equipment and excess liability coverage due to their exposure…
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Mar 14

Should You Consider Contractor’s Professional Liability Insurance?

By Business Insurance
General liability insurance covers bodily injury or property damage caused by a contractor’s negligence. However, it does not protect against financial damages resulting from negligent professional advice. As claims for monetary damages from professional advice become more common, contractors need contractor’s professional liability insurance to safeguard their business from these risks. WHAT IS CONTRACTOR’S PROFESSIONAL LIABILITY INSURANCE? Professional liability insurance protects contractors who provide advice or services from claims that their errors or omissions caused financial losses to clients. Unlike general liability insurance, it does not cover bodily injury or property damage, making it a complementary policy rather than a replacement. According…
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