Question for the Money Doctors

Question submitted on Dec 7, 2011.

Question

What kind of insurance coverage''s do I need for my construction company?

Answer

That''s a great question.  It really depends on the size, type of work, number of employees and a number of other factors.  I would recommend meeting with an insurance professional in your area to make sure that you are covered.  Some types of coverage that you might consider are:

-Workers Compensation - this is required in my state (TN) for contractors 

-General Liability

-Umbrella Liability

-Disability / Business Overhead

-Coverage for all buildings/equipment that you own

-Employee practices liability insurance

-Data breech and restoration if you have confidential data on customers

I'm sure there is more that I haven't covered, but hopefully this will get you started.  No matter what insurance you have, setting up safety and training programs is a great idea.  

I hope this helps. 

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