Question for the Money Doctors
Question submitted on Dec 7, 2011.
QuestionWhat kind of insurance coverage''s do I need for my construction company?
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
-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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