The simple answer is yes as the insurance provides a level of assurance that any accidents or non-performance can be financially covered. While the non-performance insurance products are mostly on those larger projects, the company insurance covers any accidents that occur while doing the normal course of business. As for the type of insurance that should be carried on those larger projects, a performance bond will provide the owner with a level of assurance that the project will be completed. For the standard company insurance, the construction company should carry general liability, automobile liability, workers’ compensation and employers’ liability, and umbrella liability. Additional insurance that the company should consider if in a high-risk activity is an excess policy that will cover the company amounts above the umbrella policy. This company insurance should be carried by all contractors, subcontractors, and other parties that are performing services on the job site. Insurance requirements are oftentimes legally or contractually required on certain projects, but at the end of the day, having insurance is the company’s ethical duty to do the right thing.
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