The construction industry is challenging and comes with a unique set of risks. As such, your construction company may need a specialized insurance portfolio to protect your financial future. First, you may need construction general liability in Newton, NJ.
However, you shouldn’t just settle for any construction general liability in Newton, NJ. Be sure to strengthen your insurance portfolio with more coverages that keep you protected. For example, pollution liability may cover the cost of pollution fines and lawsuits. If your business provides any design services, you may also need errors and omissions liability insurance.
All construction companies should also consider builders risk insurance. Because your business comes with individual risks, this insurance can provide additional coverage. It protects your structures while you build them and the materials you store against theft, vandalism, and natural disasters.
Surety bonds are another vital part of your insurance portfolio. For example, bid bonds can ensure that you submit your bids by the law. Payment bonds can ensure that your company pays subcontractors and workers. Furthermore, you can obtain a maintenance bond that protects you against any problems with the structure that may occur for some time after you complete construction.
Be sure to talk to a qualified and specialized insurance broker about your needs to create a comprehensive insurance plan.