Of all the accident risks that construction companies face, construction liability insurance agencies find crane accidents to be among the most dangerous, damaging, and costly.
Regardless of how this type of accident happens, every company using large cranes must be prepared with enough construction risk insurance to cover any damages, which can be enormous.
Determining what construction insurance is necessary requires the expertise of a specialist who fully understands these accidents and the actual degree of risk they present.
Crane Accidents Are More Costly Than Estimated
A considerable problem when it comes to crane accidents is finding out after one happens that your company doesn't carry enough construction risk insurance to cover the damages.
It is a widespread issue that experts and lawyers familiar with these types of accidents and their true cost see over and over again.
Though construction companies may have good general liability insurance policies protecting their operations, many of those policies either do not cover cranes or do not sufficiently cover all additional damage costs associated with a crane accident.
Crane Accidents Are Complex Construction Insurance Events
Crane accidents are not like other construction accidents because they can cause so much damage that affects much more than just the contractor and the owner of the construction project.
Construction insurance providers find that the breadth of liability can extend to tens if not hundreds of parties depending on where the accident happens, what kind and amount of physical damage is caused, and then how this damage circumstantially affects many others.
This is especially the case when accidents happen within cities or anywhere near other buildings and streets.
Unless risk insurance policy planning has included the possibility of so many other potential claimants coming forward, it can leave a construction company found liable in a serious situation.
To further complicate the matter, since liability may lie with multiple parties, the degree of liability of each party must also be determined.
Determining Coverage Amounts Is Equally Complex
Due to the complexity of some crane accidents, it is essential that construction companies choose a construction liability insurance specialist who is familiar with all kinds of work accidents, especially those involving cranes.
These professionals are skilled at assessing potential risk based how a contractor uses cranes, the specific equipment used, worksite locations, and many other details.
Using that information, they are able to develop a construction insurance policy that covers all the possibilities, including potential claims from people and businesses displaced due to the accident, damage to property and buildings owned by others, and all other liabilities that could come up after a crane accident.
It is a complicated process, yet one that ensures contractors are appropriately covered when such a serious event occurs.
Work With Construction Insurance Specialists
Having the right general construction liability insurance is critical for both large and small construction companies.
Contractors working with specialized heavy equipment like cranes require individually planned construction risk insurance policies that cover all of the potential damages that could occur using that equipment.
Find a construction insurance agency with substantial experience developing these policies so that all bases are covered!
