Building up Fall River
Fall River, Massachusetts is the tenth-largest city in the state with nearly 90,000 residents. From housing facilities to major thoroughfares and even a City Hall built over an Interstate highway, this corner of the Bay State is no stranger to the impacts of the built environment. New residential and commercial development means that construction companies like yours continue to be in demand.
The construction business is one that comes with several risks. From working in dangerous conditions to operating heavy equipment and power tools, your business is regularly exposed to several operational risks. Insurance products are available that help you address these exposures, some of which are common for various businesses as well as others that are unique to the world of construction. Whether you perform general contracting services for homeowners or build major roadways and bridges for MassDOT, it’s incumbent on you to protect yourself with construction insurance in Fall River.
Understanding Typical Coverages
Businesses of various sizes, industries and markets require insurance policies to manage their risks and protect their financial interests. Some common coverages that you should strongly consider when shopping for construction insurance in Fall River include the following:
- General Liability – This coverage protects your company from lawsuits and claims due to third parties injured while on the premises of a field project or office. It also covers allegations of negligence regarding an owner’s property.
- Workers’ Compensation – This insurance typically covers medical expenses for employees who are injured or get sick while on the job.
- Commercial Auto – This coverage can be tailored to provide protection for long and short haul transportation, property damage, bodily injury and other expenses related to the operation of company vehicles and/or driving for business purposes.
- Property – Your policy for construction insurance in Fall River may need to include coverage of property and items owned by your construction company.
- Professional Liability – Sometimes referred to as errors and omissions or E&O, this coverage defends your company against claims or lawsuits due to mistakes, oversights, or allegations of negligence in your work product.
Exploring Specific Protections
As a provider of contracting and construction-related services, you will face exposures that are specific to your operational needs. A policy for construction insurance in Fall River should include these coverages:
- Contractor License or Surety Bonds – MassDOT or another local or state public client require contractors to carry insurance to ensure completion of projects.
- Builders’ Risk – When a particular project is under construction, you own the risk of damages that occur before a client such as the City of Fall River takes ownership. This coverage protects your jobs that are incomplete from losses due to fire, water damage, explosions as well as other damages due to poor design, inferior materials, and faulty workmanship.
- Construction Defect – This covers your company against claims of negligence in the erection of a building or other facility.
- Environmental or Pollution Liability – This benefit offers limited protection from claims related to incidents involving the handling or disposal of hazardous materials or other chemicals on a project. Often this is available as an endorsement, as general liability policies usually exclude this coverage.
- Inland Marine – This coverage protects your equipment and materials while in transport. Whereas a typical policy covers items that are at a job site, this protection protects you from losses that take place in a pickup truck between sites or a cargo ship from overseas.
Learn more about HUB’s construction insurance offerings!