The construction industry can be unreliable and dangerous because so much of it relies on weather and machinery that can endanger workers. Every project requires construction insurance, which is why it is so important to understand the many types that are available. Depending on the nature of your project, you may require coverage for general liability or materials in transit, amongst other things.
General liability insurance, otherwise known as commercial general liability (CGL), provides liability protection to businesses in the case of property damage or bodily harm during the project. These plans are designed to protect policyholders from unnecessary risk, so they cover a broad range of damages, from faulty workmanship to job-related injury.
Workers’ compensation insurance is designed to protect contractors when their employees are injured on the job by covering the costs of medical expenses, missed wages, and any possible legal fees when the injured person sues the policyholder, among other costs. This insurance is not limited exclusively to the construction industry but it is undeniably important for developers and contractors who employ workers who will be at risk of injury on the job.
Commercial auto insurance covers any business-owned or personal vehicles that are used on behalf of a business and the associated liability of such use with the purpose of helping policyholders avoid high repair costs for vehicles and lawsuits resulting from auto accidents. Whether your vehicles are damaged in a collision or cause injury in an accident, this type of insurance will cover your costs.
Course of construction insurance offers general coverage for the building or other structure under construction for your project. These can cover building materials, foundations, and temporary structures such as scaffolding. The most basic course of construction policies offer protection for damages caused by fire, weather, and vandalism while usually including premium options for more specific damages, such as earthquakes or flooding. During hurricane season, having protection for your project in the event of a major storm is invaluable.
Every construction project inevitably carries risks, ranging from natural disasters to vandalism and theft. Contractors have a responsibility to not only protect their project but also their workers, vehicles, and materials. Since not all projects are the same, it is crucial to pick out the policies that are the most appropriate for whatever it is that you are building. Call us today to get started with a free quote for construction insurances and allow our experienced team to evaluate your business and make recommendations for the construction insurance that is right for you.