Construction Insurance – Importance and Coverage

Owning a company, your employees and your clients face different types of risks every day on the job. Because of this risk Construction Insurance is required on every construction project. Insurance will provide coverage for material, risks, disasters employees hurt on the job and even protect your business. It is essential to have the best coverage in case the unexpected happens. Below you will find just a few of the insurance policy you need to protect your construction company. Types of Construction Insurance:

Liability Insurance

Liability Insurance is designed to protect contractors against injuries, accidents, and property damage to third parties. As a construction company, you are usually on someone else property doing a project. Liability insurance will cover you if an employee causes any property damage outside the building contract. It will include the client’s loss and any loss you have gained as a result. Also as a construction company, you have a lot of moving equipment on job sites, you will also have clients and other people onto the job site checking progress. If someone gets hurt during the operations of your company, Liability Insurance will cover you. An example would be if the client is hit by a falling object and is injured.

Worker Compensation Insurance

Workers compensation is a system built to help companies pay for benefits of employees hurt on the job. Coverage will pay for medical benefits, lost wages, and rehabilitation cost related to getting the employee back to work. Not all states require companies to have Workers Comp insurance. Most states require that if you have 1 or more employees that you have coverage on each employee, full-time, part-time, legal or illegal. Even if you are not required to have Worker Comp Insurance, it can be a valuable part of your company’s risk management. With the way medical costs keep going up nowadays, you can imagine the effect it can have financially on your business.

You want to speak to a broker certified in your region to make sure you have the right coverage to keep your company protected.

According to my point of perspective, I think its very essential to have an insurance cover so as to protect you,your property and also your entire family hence protecting you from so many risks and disasters. To sum up, it is always of good health to have the right coverage in case of any emergency.