In the News
Builders and contractors who buy commercial general liability (CGL) insurance policies with the impression that they will keep them safe from allegations of inadequate or faulty work must be aware of what their policies cover. It's important to know that a CGL policy does not provide coverage for work that is faulty.
They say hindsight is 20/20.You can take advantage of that hindsight by holding regular project closeout meetings to find nuggets of truth about how the project went and learn from them.
It's obvious that without customers, your company wouldn't be in business. But not all customers are alike. Some account for a big percentage of your profit, while others' contributions may be negligible.
It's no surprise that construction sites are ranked high on the list of the most dangerous workplaces. Nail guns, heavy falling objects, saws and other items are often the cause of serious injuries. The possibility of serious injuries or fatalities is higher in construction than most other industries.
Builder's risk insurance provides protection for a structure that is damaged during construction. These policies are usually broad. In fact, the coverage is generally extensive enough to include construction equipment and machinery, as well as materials, fixtures, and appliances -- all vital parts of a completed structure.
As you may know, contractors have multiple accounting methods to choose from. But some are off-limits to certain contractors. As your construction company endures the ups and downs of a bumpy industry, it's worth your while to review your options.