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There are several types of commercial insurance available, and construction companies in Portland, OR, should consider specific policies to protect their business. While some types of insurance are mandatory, others can provide additional benefits.
Workers’ Compensation
By law, businesses with at least one employee are required to obtain workers’ compensation coverage in case someone gets hurt on the job. This is especially important for construction companies, as the repetitive motions and nature of the work typically lead to an increased risk of injury.
Specialty Contractors
Many companies, such as Choice One Insurance Inc., offer specialty contractors’ insurance. This type of policy is tailored to meet the unique needs of the construction industry. It often covers damage to tools, extends beyond general liability, and includes coverage for specialized machinery. An agent can provide more details about this type of coverage.
Auto Coverage
Every business, including construction companies, must have state minimum insurance for any vehicles driven on the road. Equipment driven on the road, such as backhoes, must also have minimum liability insurance in case of an accident. If you rent equipment, the rental company should already have a policy in place. However, it’s important to confirm coverage before operating the equipment.
Property Coverage
If your business has an office or specific workspace, property coverage will protect that area. This may not be included under specialty policies, so it’s important to ask an agent when obtaining all the coverage you need.
Agents at Choice One Insurance Inc. have experience working with contractors from various industries. We can help you learn more about the coverage you need before you start working. Contact us today. We’re currently serving the Portland area.