Site Managers Realize Need For Construction Insurance
Some construction site managers, in addition to responsibilities relating to budgets
, project planning and coordination of workers, are also responsible for making sure there is proper construction insurance coverage in the event of an incident. These managers must purchase commercial policies specific to their trade because of the associated hazards and risks they are exposed to daily.Following are some of these exposures and the policies that needed to protect against the risks these exposures bring.
Employee Safety
Workers compensation insurance helps pay for medical care and lost wages in the event an employee gets injured at work. The Occupational Safety and Health Administration (OSHA) reports that the number of industry-related fatalities in construction is higher than the national average for all industries. Fatal, as well as nonfatal injuries for which construction workers are at risk include:
Electrocutions
Falls
Trench or scaffolding collapses
Repetitive motion injuries, and
Injuries that result from not wearing protective gear
OSHA testimony before Congress states that the construction employees who are most at risk for injuries are those who work on high-rises as well as those who cannot properly speak or read English.
Equipment
Construction sites often use equipment that ranges from photocopiers to tall cranes. Misuse of this equipment, or an accident involving the equipment, poses a risk to personnel and can also damage property. Therefore, construction site managers must ensure that insurance policies cover damage to the equipment itself, injuries the equipment can cause to others and damage to property. Construction site managers may also need to purchase insurance riders for specialty pieces of equipment being used or operated.
Theft
Construction site theft can be very costly to this industry. Among the most popular items for thieves to steal includes appliances, tools and scrap metal, especially copper. The majority of thefts take place on the weekend, usually when little or no work is performed, between Friday evening and Monday morning, and also on holidays. Operations might require being shut down for at least part of a workday while site managers replace stolen items. In addition to a loss in property, theft can cause a construction company to lose clients and partnerships with companies that rent equipment. Be sure there is adequate theft coverage on the policy to reflect the value of the items on the site.
Negligence
A good example of the type of negligence a site manager may face involves a building experiencing water damage and mold growth, with the ensuing investigation finding that the construction company at fault for the loss. Consequently, the construction company could be required to pay for the associated remediation, restoration and remodeling costs, which is when an insurance policy can come in handy. Negligence is more than merely being careless on a construction site. Site managers must factor in future considerations whenever purchasing insurance, and determine the proper coverage needed to protect against these types of claims. An independent insurance agency can help provide advice as to what is and isnt covered under a General Liability policy and what type of additional coverage may be needed.
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