Contractors and Construction company owners are 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
This 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 radical impact on your business. Legal expenses incurred to protect the suits may be provided by this type of insurance. The coverage will pay for the compensation amount if the builder is held legally responsible.
Builders Risk Insurance
It provides insurance cover to contractors and construction company owners due to losses when the project is under construction. The insured can refund the cost of damages. 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.
It protects employees working for the builders in case of injuries during the course of employment. 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.
The 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. To read more on various types of construction insurance visit this site as this will help you make informed decisions as you decide to insure your construction project.