Contractors and construction company owners need to be covered against loss, damages to the construction site, and theft.
Construction insurance covers various construction industry related problems such as injuries to workers in the construction sites.
It also includes packages that cover various trades involved in construction industry.
Commercial General Liability Insurance
CGL insurance provides coverage to contractors against compensation claims made by third parties for damages incurred during the course of construction.
This insurance is important since compensation claims can have a radical impact on your business.
Legal expenses incurred to protect the suits may be provided by commercial general liability insurance and will pay for the compensation amount if the builder is held legally responsible.
Builders Risk Insurance
Builders risk insurance provides insurance coverage to contractors and construction company owners due to losses when the project is under construction.
The insurance can refund the cost of damages and this type of insurance is specific and is given along with other types of insurance.
Contractor’s Pollution Insurance
During the course of contractors operations, pollution may occur in the construction site.
It is important for contractors to have this type of insurance in order to protect the environment in case the third party claims for compensation.
Workers comp insurance protects employees working for the builders in case of injuries during the course of employment and this type of construction insurance ensures that workers are compensated accordingly.
There are also other types of construction insurance which includes Automobile Liability insurance.
Heavy trucks that transport materials in the construction sites are protected.
Builders and construction insurance is important to the insured who are involved in particular risks during the construction projects.
Premiums paid are less compared to the risks involved.