Know About Different Types of Construction Insurance
Construction insurance indemnifies construction company owners and contractors against any theft, loss, or damage to the construction site, materials, or equipments, and from third party compensation litigations. As construction sites are vulnerable to workplace accidents, damage, thefts, and injuries to workers, construction insurance provides a comprehensive coverage against various construction industry related problems. Construction insurance encompasses a range of construction related insurance packages to cover various trades involved in construction industry.
Builders Risk Insurance
Builders risk insurance provides protection to builders, contractors, and construction company owners in case of loss, theft, or damage to materials, structure, equipments when the project is under construction. The builder, contractors, and construction company owners can reimburse the cost of damage. The builders risk insurance can cover new construction projects or remodeling projects. The owner or contractor building the project can take this insurance to ensure that the interests of all those like sub-contractors, equipment owners etc involved in the project are covered. Builders risk insurance is project specific and is given along with contractor’s general liability insurance.
Commercial General Liability Insurance
Commercial general liability insurance provides coverage to builders against compensation claims made by third parties for property damage or physical injury during the course of construction. It is essential to have commercial general liability insurance as compensation claims can have a drastic impact on the businesses. This insurance also provides coverage for the legal expenses incurred to defend the suits. In case, the builder is held legally responsible, the coverage will pay for the compensation amount. It also provides coverage for minor medical expenses due to physical injury to third party.









