Civil Contracting Insurance: Practical Tips for Efficient Claims

Insurance is critical for your business if you have a civil contracting operation. In general, there are numerous risks such as injuries, material losses and other liability from which you must protect your company. If your business is not sufficiently protected, you could end up losing a lot of money and falling into debt due to lawsuits by customers, employees and subcontractors. After purchasing your civil contracting insurance policy, you will need to make your claims after unfortunate incidents. It is crucial to ensure that the claim is made correctly to prevent unexpected delays in compensation. Here are practical tips to help you manage the process with ease.

Retain the Asset Financial Records

You should be diligent in keeping the records related to the assets in your civil contracting operation. In general, if you want to make a claim for a lost or damaged asset such as your heavy equipment, you will need to provide reliable evidence on the value. If you do not have appropriate documentation, the worth of your claim might decline. Therefore, it is essential for you to keep detailed data on your assets, including the purchase receipts, upgrade records and valuation papers.

Keep Documents for Non-Material Claims

If you have a good cover for your civil contracting business, you should be able to make claims for non-material losses. For example, if you are unable to finish a construction project due to extenuating circumstances, you can deal with the setback by making a claim from your surety bond insurance cover. If this is the case in your business, you will need to provide proof of the amount of money that you lost through the incomplete work. Ideally, you should retain important documents such as your contracts with other parties and relevant invoices.

Track the Business Earnings

When purchasing your civil contractor insurance policy, you should ensure that you are protected against the loss of income. It is not uncommon for construction projects to be interrupted by unexpected situations. The financial losses accumulated during the downtime can be crippling for your business. However, if you are protected from the loss of earnings, you can keep your company in good financial health until business resumes. When making a claim for the loss of income, you should be able to show the expected earnings during the period of interruption. Detailed accounting records and projected figures will be critical in obtaining fair compensation.

Finally, you should remember to contact a civil contracting insurance company as soon as possible to avoid missing claim deadlines.