When it comes to insurance for construction companies, it’s critical to ensure every aspect of your coverage works in harmony. However, if multiple people handle your insurance policies independently, you could end up with significant coverage gaps that expose your business to unforeseen risks.
Why Insurance Gaps Happen
Insurance policies are often managed by different specialists: one person might handle workers’ compensation, another deals with general liability, and yet another oversees commercial auto insurance. While each of these policies covers a specific area of risk, gaps can emerge if they aren’t reviewed as a cohesive portfolio. For example, an umbrella insurance policy may be added to enhance coverage, but if it’s not set up correctly, it might not cover all necessary areas, such as workers’ comp, liability, and commercial auto.
Examining All Policies for Consistent Coverage
To achieve complete protection, it’s essential to review all existing policies. If you’re called in to evaluate general liability coverage, it’s necessary to consider how this coverage interacts with other policies. Did the umbrella insurance purchased cover the general liability and workers’ comp? What about the commercial auto insurance? Without this comprehensive approach, an incident, like a third-party injury, might reveal an uncovered liability.
Why Your Insurance Portfolio Needs a Holistic Approach
Each insurance policy plays a role in managing your business’s risks, and together, they form a safety net that protects against various scenarios. When policies are siloed, it’s easy to overlook critical gaps where coverage should exist but doesn’t. For example, a workers’ comp specialist may have a deep understanding of that policy but might not be aware of a liability issue that could arise from a third-party injury. Coordinating insurance policies creates a seamless risk management strategy and avoids costly surprises.
Implementing a Comprehensive Insurance Program
At CRS Contractors Risk Solution, we help construction companies build a cohesive insurance portfolio by collectively reviewing and managing all policies. We create insurance solutions that align with your unique business needs by identifying potential gaps, ensuring adequate coverage, and optimizing pricing. With a coordinated approach, you can be confident that your business is fully protected.
