Nearly every business in Tennessee requires general liability insurance coverage, so there's little reason for a contractor to look for work without it. General liability insurance covers the cost of lawsuits related to material or bodily injury caused by negligence at the project site. This applies to the contractor and their workforce. Construction insurance is a combination of different coverages that will protect employees, equipment, and customers.
Every construction company has a particular set of risks, so it's best to create a unique package of different protections. This type of business liability insurance is important to every business in Tennessee and is required by most commercial leases. Tennessee independent insurance agents can create construction insurance programs that will protect your unique business. An independent insurance agent in Nashville can advise you as you search for the best and most affordable construction coverage.
In many cases, your construction company will also need to have insurance that meets project requirements and government regulations. Hazard insurance policies for builders in Tennessee are not standard, meaning they are not the same across the board. Because common property insurance policies have deficiencies when it comes to buildings still under construction, risk insurance for builders was created to cover the current value of a construction project, which is continuously increasing as the project nears completion. Construction insurance can help you keep your Nashville business up and running even when there's an unfortunate setback along the way. Corporate officers are included in this template, even if they are ultimately excluded from your policy coverage. Before your builders move to the next job in Tennessee, make sure your company has a solid construction insurance base.
A well-designed insurance package is essential for all businesses, especially those in the construction field. This policy, also called errors and omissions insurance (E&O), protects Tennessee businesses that provide professional services or advice. Construction workers wear helmets and other protective equipment to combat the daily hazards associated with the job. Since standard property insurance policies aren't designed to cover construction sites, it's a good idea to work with an independent Tennessee insurance agent to get the right construction hazard insurance. Regardless of where a construction project takes place, risk insurance for builders is basically an agreement between the project manager, owner or general contractor and the insurer, in which the insurer undertakes to cover financial losses related to the construction project.
They'll review every aspect of your construction company and then recommend the best construction insurance plan for your company.