Owning your own construction business is both a pleasure and a worry. On the one hand, you own the business; you can pick and choose which projects and when to work. On the other hand, not all of your employees are going to be great. That is why you should have contractor liability insurance. To get a better idea of how much protection you have, take a closer look at the following scenarios involving construction vehicles, accidents, and the employees involved.
Dump Truck Rollover
It does not happen often, but that does not mean it cannot happen to one of your workers and one of your dump trucks. In this example, a dump truck driver lost control of the vehicle on the snow and ice, the truck rolled over, and the driver nearly missed becoming a fatality when the truck burst into flames. It was not entirely the driver's fault because of the environmental conditions, but the owner of that construction company would have to file a claim on the truck, file a claim for any harm caused to the employee, and file a claim for anything else that was damaged or anyone else that was injured. The liability insurance would cover the loss of the truck, the damages to other objects or structures, and, had the driver been injured or had he died, the insurance would pay for medical care or paid surviving family members for their loss.
Excavator Destroys Lamp Post
In this instance, you see an excavator taking down a building. Okay, that is pretty normal. What is not normal is that a single wall was left, and when the driver of the excavator went to grab the wall with the excavator's claw, the top half of the wall fell inward and crushed the cab of the excavator. The lower half of the wall fell outward and sheared off the street light/lamp post in front of the demolished building, causing the lamp post to land in the street.
The owner of this construction company would have to pay the city for restoration of the lamp post, a hefty fine, pay for the repairs to the excavator, and pay for all of the medical bills the driver incurred. If he/she did not have liability insurance, then he/she could be sued. If he/she was sued, then there is a very good chance that the settlements would bankrupt the company. Get your liability coverage now.