Finding ways to mitigate potential risks can be an integral aspect of preserving a company’s future in virtually any field of operation. However, few fields may carry as many risks as the construction industry and contractors and developers might not always know how best to protect their endeavors. While addressing the various types of insurance coverage could help construction companies in New York take steps to mitigate financial risks, it may also be helpful to know where to turn should insurance disputes arise.
Types of coverage
One of the most vital types of insurance coverage for construction companies could pertain to general liability insurance. This could help protect against a variety of potential risks, such as property damage and injuries to third parties. Builder’s risk insurance is a type of coverage that may help cover costs associated with damage to a structure that is under construction.
Carrying contractor’s tools and equipment insurance coverage could help mitigate financial risks involved with damaged or stolen equipment. Workers’ compensation insurance is another vital type of coverage and state law may even require companies to carry such coverage. Policies such as commercial vehicle and professional liability insurance are two more types of options that could help protect company interest and stave off various financial risks.
Construction companies that remain uncertain of what types of insurance policies to cover could benefit from consulting with an attorney for guidance in addressing their options. An attorney can work with a client in New York in determining every type of policy that may be integral to preserving the interests of the company. Should any insurance-related disputes arise, an attorney can evaluate the situation thoroughly and assist a client in preparing to take the appropriate steps to safeguard the future of the company.