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Contractor at WorkContractors and other construction professionals must deal with a variety of risks and hazards to both their health and their livelihood every day. It's no surprise that this industry has the highest rate of fatal injuries, but there's also a big chance for lawsuits as well. This article discusses four of the biggest construction risks and what you can do to manage them.
  1. Workplace injuries: Accidents and injuries can happen at any time, despite the safety measures you've taken to protect your employees. After implementing industry-standard safety procedures, the best thing you can do is purchase workers compensation insurance. This provides benefits to injured workers to cover medical expenses and lost wages during recovery; it also prevents employees from suing you for damages.
  2. Coverage gaps: Some contractors trim down expenses during bouts of decreased income, which often includes eliminating insurance. However, this can work against you if you need to file a claim during a lapse in coverage. Instead of dropping your coverage (which makes you look unreliable to future insurers as well), talk with your independent agent about payment plans and business discounts.
  3. Contract loopholes: Many contracts and waivers do not have the legal strength to hold up in court, particularly non-standard forms drawn up by small businesses. To protect yourself against legal loopholes, have an attorney review your documentation before signing anything to make sure the wording is solid.
  4. Loss of personal assets: If your business is held liable for a legal settlement that it cannot afford, your personal assets can be taken to cover the leftover costs. You can prevent this by purchasing commercial liability insurance (and commercial umbrella insurance) to cover legal fees and other liabilities.
Protect your business and your employees. Call McFarlin Insurance Agency at (410) 312-7800 for more information on Maryland construction insurance.
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McFarlin Insurance Agency, LLP
8325 Guilford Rd, Suite A
Columbia, MD 21046


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