Construction insurance protects construction companies, general contractors, and property owners from lawsuits, property loss, and other costly liabilities.
For most construction and contractor companies, just one insurance plan will not be enough. Instead, you'll need a unique group of different insurance policies that each provide a certain type of protection for your organization and construction projects.
What are the kinds of construction insurance ?
As a building business owner or project manager, you should think about the next types of coverage for the company:
General liability insurance
General liability insurance protects against common risks that construction businesses face. These risks include:
Third-party property damage
Third-party bodily injury
Copyright infringement and other advertising injuries
Damages caused by your completed construction or installation
If one of these brilliant events were that occurs at your work site, your commercial general liability policy would cover the price of any medical bills, and any property repair or replacement costs.
Because the risk of bodily injury and physical injury to property is much higher in construction than in other industries, general liability ought to be a vital part of your construction insurance coverage. Your clients may even need you to carry this coverage to be able to complete construction projects.
When choosing an over-all liability insurance plan, make certain it contains products-completed operations coverage, also referred to as product liability insurance. This coverage provides financial protection against lawsuits over property damage or bodily injury due to your construction project, such as a construction defect that later causes an injury.
Workers' compensation insurance
Workers'compensation insurance covers medical expenses and lost wages for your employees if they suffer a job-related injury or illness. Most states require any construction company or contractor that's at least one employee to carry workers'comp insurance.
Construction is a physically demanding industry with lots of opportunities for injuries. If you or one of your employees were to have hurt on the work and you didn't have workers'comp coverage, you may be held responsible for the resulting medical bills and lost wages.
Workers'compensation insurance protects you, your business, and your employees by covering those expenses. Additionally, employer's liability insurance is contained in most workers' compensation policies and can help purchase employee lawsuits should a worker point to unsafe working conditions as grounds due to their bodily injury.
For more details kindly visit contractors all risk.
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