Commonly Overlooked Insurance Coverages in Construction

Commonly Overlooked Insurance Coverages in ConstructionNJ Construction Liability Insurance is critical in protecting your construction firm from the broad scope of exposures your industry faces. While coverage should be reviewed annually to identify any gaps or to increase liability limits, some key coverages tend to be overlooked. The following four policies should be implemented as soon as possible.

Employment Practices Liability- In such a litigious society, employment practices suits are peaking and even expected to increase each year. Every construction firm should carry this insurance in order to mitigate any potential litigation. Experts recommend including third party coverage and to double check that the limits for certain claims are adequate, according to Sage Construction and Real Estate.

Crime- Employee theft is often overlooked, yet it contributes to hefty losses each year in the industry. While proper management and security systems can help to reduce this issue, additional insurance coverage can provide peace of mind for the employer. This includes defending against stolen money, assets, property, and more.

Cyber Liability- Arguably one of the most important coverages, cyber liability provides protection against data breaches and offers financial assistance in the event any network security information is compromised. As we are relying more and more on digital systems, protecting your customer’s information, transaction history, and confidential information is paramount for your contracting business.

Management Liability- Managers and directors are an essential component of leadership within your business. Therefore, it is important to protect them, as well. Directors and Officers and fiduciary coverage are available to provide added security to those you depend on to control your operations and lead your team.

At Provident Protection Plus Insurance Agency, we are committed to your construction industry insurance needs. Our solutions are customized to protect against the breadth of risks your business faces. To learn more, contact us today at (888) 990-0526.