In today’s construction industry, insurance costs are at an all-time high. Contractors are constantly faced with the challenge of managing these expenses while ensuring their businesses are adequately protected. Liability, workers’ compensation, and business auto insurance are essential coverages, but when rates keep rising, it’s necessary to prioritize which coverages are most critical.
At BGES Group, we understand the pressure you’re under. However, it’s important to be aware of additional coverages that could make a significant difference in the event of unforeseen circumstances. If your budget allows, here are a few other types of protection you may want to consider:
1. Building and Contents Insurance & Business Interruption Coverage
This coverage ensures your physical assets—like your office, warehouse, or storage facilities—are protected in the event of damage from fire, storms, or vandalism. But equally important is business interruption coverage, which steps in to cover lost income if your operations are halted due to such events. These are particularly valuable for contractors who store expensive materials or equipment onsite. If you have extra dollars in your insurance budget, this is an area worth investing in to ensure your business can recover quickly from unexpected setbacks.
2. Equipment Coverage
Contractors rely on specialized tools and machinery to get the job done. Whether it’s excavators, cranes, or smaller but equally vital items like power drills, losing access to this equipment due to theft or damage can halt progress on your projects. Equipment coverage protects you from having to pay out-of-pocket to repair or replace costly items, ensuring that downtime is minimized.
3. Employee Tools Coverage
Your workers bring their own tools to the job site, and sometimes these tools are just as important as the equipment owned by your business. If their tools are damaged, stolen, or lost, productivity can take a hit. Employee tools coverage helps ensure that your workforce can get back to work without long delays or out-of-pocket expenses for replacements.
4. Employee Benefits Liability
Managing employee benefits is complex, and even small mistakes in handling health insurance, retirement plans, or other benefits can lead to costly lawsuits. Employee benefits liability provides coverage if claims are made against you for errors in administering your employees’ benefits. This can protect your business from significant financial losses due to oversight or miscommunication.
5. Employment Practices Liability
Workplace disputes involving harassment, discrimination, wrongful termination, or other employee-related issues can lead to expensive lawsuits. Employment practices liability insurance (EPLI) helps cover the costs of defending against these claims. With lawsuits against employers on the rise, this coverage is more critical than ever for safeguarding your business.
6. Cyber Insurance
In today’s digital age, construction companies are increasingly vulnerable to cyberattacks. Hackers may break into your computer systems, hold your data for ransom, or steal sensitive information to hack into your bank accounts or take out loans in your business’s name. Cyber insurance protects your business against these risks, covering the costs of recovering from cyberattacks and protecting your business from financial ruin.
Making Smart Choices with BGES Group
As a Tri-State contractor, your priority is to ensure you have the right coverage in place while balancing the high costs of insurance. BGES Group is here to help you navigate these choices and make the most of your insurance budget. We specialize in providing construction-specific insurance solutions, and we understand the unique risks you face.
If you’re unsure which coverages to prioritize or want to explore additional protection for your business, contact Gary Wallach at 914-806-5853 or email bgesgroup@gmail.com. Our team is here to guide you in making informed decisions to protect your business and your bottom line.
BGES Group is one of New York, New Jersey, and Connecticut’s Construction Insurance Specialists representing 50+ companies, including all the BEST general & umbrella liability programs. We offer all the coverage needed, including property, builders’ risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability, and group health. Our commitment to you goes beyond the policies we provide. We are always just a call, text, or email away, ready to assist you, even on weekends. We understand the importance of your business and are here to help you navigate any insurance challenges.
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being canceled, losses causing difficulty getting coverage, in the middle of an audit dispute, misclassified payrolls, or whatever your issue. We can help! We have special programs for Auto Services, Contractors (especially in New York), Limousine Services, Logistics Companies, Manufacturers, Recyclers, and Truckers; we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that, if we can get you into, their pricing is excellent, offers long-term coverage stability, and can cover multi-state operations. The program takes the hassle out of doing annual audits, too.
If you want to speak with us, call Gary Wallach at 914-806-5853, click here to email, or visit our website.
Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538
email: bgesgroup@gmail.com
website: http://www.bgesgroup.com
© – Copyright – 2024 – BGES Group