Top Risks Faced by Contractors in Texas and Florida and How Insurance Can Help

Construction is an inherently risky industry. The following are common risks contractors can encounter:

• Injuries and safety hazards—Workers face dangers in their daily responsibilities, such as falls or electrical hazards.

• Severe weather—Contractors in Cape Coral, FL and Spring, TX are no strangers to extreme weather. Hurricanes, pop-up thunderstorms, hail, and flooding can all impact the jobsite.

• Equipment theft and vandalism—Construction involves using specialized equipment, which makes it expensive and attractive to thieves. Construction sites can be vulnerable to vandalism and theft after hours.

• Economic and market instability—Real estate market fluctuations and labor shortages can contribute to financial uncertainty in the construction industry.

How Insurance Can Help

The following are some insurance coverages for contractors to consider:

• Workers’ compensation—This can help cover medical costs and lost wages to an employee who suffers an injury or illness on the job.

• Builder’s risk insurance—This helps cover property while it’s under construction.

• Inland marine insurance—This can help cover tools and equipment while in transit or at a temporary jobsite.

• General liability insurance—This can help cover third-party claims that may occur during the course of work.

• Professional liability insurance—This may help cover claims related to allegations of missed deadlines or professional errors.

• Commercial auto insurance—Contractors that use vehicles for work must insure them differently from personal autos.

Contact Us

Contractors face a myriad of risks in their everyday work and operations. Working with an insurance broker who is familiar with the industry is crucial. Contact Insurance of America and Financial Services LLC in Cape Coral, FL and Spring, TX for a personalized quote or more information.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.