Construction businesses and contractors face a wide variety of risks at job sites and beyond. An incident can be very costly if they don’t protect themselves with adequate business insurance.

If you’re a transportation company owner or decision-maker, you surely do all you can to operate your business safely. However, companies like yours face many risks over which they have no control. Bad roads, inclement weather, and the people with whom your vehicles share the road probably come immediately to mind.

Workmen’s comp insurance helps your employees by covering costs associated with work-related injuries, illnesses, and fatalities. This includes medical expenses and lost wages. If a worker dies as a result of an on-the-job incident, this type of insurance can provide what’s called a death benefit to their surviving family members.

General liability insurance protects businesses from liability risks they face every day. If a customer or client, vendor, business partner, or anyone outside the company sues the business for costs associated with bodily injury or property damage, general liability can provide financial protection. That includes covering legal fees and settlements as outlined in the policy and up to the policy’s limit.

A hold harmless agreement, which is sometimes called a hold harmless letter, is a “release of liability” clause, typically in a contract, that indemnifies and protects one party from the financial consequences of damage or injuries caused by another party. One party agrees not to sue the other, and also to pay the costs that the party might incur for certain events.

Employees rely on the benefits you provide them—health insurance, for example. They need to know that the coverage will be there for them when they need it.

As important as insurance is for small businesses, it’s not uncommon for busy company owners to be unsure about why they need it, where to get it, the fact that coverage can be tailored to their needs, etc. We know this from our interactions with customers and prospective customers all around the U.S.

Company owners face many challenges in running a successful business. One of them is creating and maintaining an environment where each employee believes the company and their fellow employees are treating them fairly.

If you’re wondering, “What is a Certificate of Liability Insurance?” or “What is a COI?” which is short for Certificate of Insurance, it’s a document that proves you purchased an insurance policy that protects you from business liability.