Construction Errors & Omissions (E&O) Insurance is something that you might need when working on that next large project. As a contractor, you know that a construction site is a hive of activity. With so many moving parts and the stress of deadlines, there’s always a chance of making mistakes. While most minor errors don’t have consequences, a poorly timed blunder can cause serious ramifications. As a result, you should strongly consider insurance coverage for heavy construction in Sandy, Utah.
Construction E & O Things to Consider
Before beginning your project, there are several things to consider. Likewise, you have to understand exactly what each plan entails and the complexities of construction e & o.
Do You Need Insurance To Start Heavy Construction in Sandy, Utah?
Contractors liability insurance doesn’t just protect your company — it’s also a legal requirement. States license contractors, so each has its own regulations. However, Utah mandates general liability insurance for contractors to retain licensure.
Additionally, many clients want construction partners with adequate insurance. If you don’t have coverage, your pool of potential customers will be much smaller, limiting your ability to grow your business.
Of course, many types of contractors exist, even within the heavy construction industry. Do you still need insurance if you provide a specialized service? You just might. The following professions can benefit from maintaining policies:
- Window installation
- Paving
- Structural
- Landscape
- Roofing
- Carpentry
- Flooring
What Is E & O Insurance?
E & O insurance is available for many industries, as all professions can suffer from mistakes. But construction E & O can become a valuable tool for your workers. When an error causes harm to customers or third parties, they can sue for medical expenses, property damage, emotional distress, and financial loss. Defending yourself against these allegations can divert time and money from other projects, putting you in a tough spot even if you’re in the right.
E&O insurance covers legal fees, settlement costs, and handling paperwork and court proceedings. While policies may not cover every circumstance, they generally protect against the following:
- Breach of contract
- Work oversights, mistakes, and errors
- Standard of care failures
- Negligence
- Undelivered services or missed deadlines
Keep in mind that this insurance doesn’t cover illegal activity. The insurance company could possibly deny your claim if your business causes harm by skirting regulations or participating in a crime.
What Are the Benefits of E & O Insurance for the Construction Industry?
In addition to offering financial benefits, E&O insurance can provide peace of mind. You have enough on your plate during a construction project; the extended protection of E&O coverage allows you to focus on the task at hand, reducing the risk of mistakes in the first place.
On top of general liability, this coverage can also reassure customers and partners. Covering all your bases illustrates how seriously your company takes its responsibilities.
What Is the Best Way To Find Insurance for Heavy Construction in Sandy, Utah?
Finding the right policy is essential to keeping your company protected. Additionally, a little research can save you money. When looking for E & O insurance for the construction industry, take your time and consider several options. Insurance companies generally provide quotes for free so that you can compare rates.
However, look for more than the lowest price. Policies that cost more may offer more benefits and provide a greater return on investment. You may also find more comprehensive coverage by searching for a company specializing in heavy construction insurance in Sandy, Utah.
About BTC Insurance Services
Founded in 2011, BTC Insurance Services has proudly served Utah businesses with comprehensive and custom-tailored insurance coverages for a decade. We pride ourselves on fostering long-term client relationships with a personalized and hands-on approach, and have established a reputation built on quality and transparency. For more information about our products and services, we invite you to contact one of our reputable agents today at (855) 944-3457, or send us a message here.
