Highway and Street Construction Insurance
Building highways and streets is an important task that will remain necessary for years. In particular, this industry is worth about $102 billion and employs over 200,000 people (Source: IBISWorld). No matter what part you play in the construction of highways and streets, it’s crucial that you protect yourself and any employees you have by obtaining highway and street construction insurance. Before you start gathering quotes, find out the coverage you need to get.
Highway And Street Construction Businesses Need The Following Insurance
Business Liability Insurance (GL): When you’re building roads, your construction site moves all over the place. You need insurance that will follow you no matter where your business occurs, whether it’s on a small street in a residential area or a major highway. When you add general liability to your highway and street construction insurance policy, you can feel confident that if anyone gets hurt at your construction site, their medical costs will be covered. At the same time, if someone damages their vehicle by driving on a street that’s not yet finished, general liability will pay for the repairs.
Business Personal Property Insurance: When you work hard building streets and highways, you deserve to know that your business property is being protected. You can do that by adding BPP to your highway and street construction insurance policy. If the area gets damaged by a fire, severe weather, or another covered disaster, BPP will pay for the repairs you need. This portion of your highway and street construction insurance policy applies to your construction sites and any other business property, such as your office or warehouse where you keep supplies. Similarly, if the equipment you need to construct streets and highways gets stolen or damaged, BPP can replace it.
Workers Comp Protection: You’re probably not constructing streets and highways all by yourself. You need a properly trained staff for that. No matter how well you have taught them to pay attention to safety, they could get hurt on the job, such as when handling large equipment or sharp tools. They might also end up sick as a result of working with certain chemicals for a long period of time. Either way, they will be glad that you have workers comp as part of your highway and street construction insurance policy, since it will cover their hospital or doctor visits, physical therapy, and missed wages.
Umbrella/Excess Liability: General liability can pay for medical expenses and damage to personal property on your work site. Excess liability can increase that coverage in case the expenses exceed what general liability can pay for. When you work on roads for a living, this is important, since there are lots of ways in which people can get hurt or damage their cars while driving on or near your construction sites.
Bond: No matter what you’re building, you need a surety bond when you work in the construction field. This guarantees customers that you will finish the jobs you start. Otherwise, your highway and street construction insurance policy will have to pay the fines you get if you don’t live up to your contract.