Construction can be a challenging industry. Without proper protocols and protection, things can turn costly. Luckily, great tools exist to help simplify the profession. One such tool is commercial general liability insurance — which is a great way to stay protected against some of the hidden dangers faced by the construction industry.

Liability insurance can be a smart investment for the future. In the moment, the decision to forgo short-term profits can be a tough one, but passing on the opportunity to protect your business in favor of quick gains has many risks: loss costs, claims and reputation management are just a few.

Stay vigilant to protect against risk
One serious risk that is often overlooked is personal asset loss. Many employees believe these types of losses are safe from a lawsuit. On the contrary, courts can use personal assets as a means to support any costs the business can’t pay for. These could potentially include lawyer fees, court fees and much more — even if the final verdict finds a business owner not liable.

Thankfully, there is a solution. Commercial liability insurance can cover both personal and professional assets, so financial protection from many different costs can be included. A monthly premium may be a relatively small cost in the event something does go wrong and a construction professional finds themselves in court.

In addition, some companies may believe they’re covered, when in fact their insurance could have many gaps. An Amerisure partner agency can assist you in reviewing your current coverage, and ensure you have the necessary policy terms for the risks you’re most likely to encounter.

Be thorough regarding common risks
According to the Occupational Health and Safety Administration (OSHA), there are approximately 6.5 million people working per day on construction sites across the country. The fatal injury rate for this industry is higher than the national average. 

Problems can arise from falls, structure collapses, shock, motion injuries or lack of proper protection, notes OSHA. Regardless of how an injury took place, workplace safety and employee health and wellness should be top priorities.

A robust workers’ compensation insurance package and risk management plan can assist with safety and financial stability in the construction industry. As a leading provider of workers’ compensation insurance, Amerisure can assist you in identifying the right coverage for your business.

Talk to an agency today.