Established Kinds Of Construction Insurance For Contractors To Protect Your Company

Construction insurance for contractors does not only protect the owner from loss of money and equipment. It can also protect an employee from lost wages and costs of medical attention. Additionally, the owners of the project can feel some comfort in knowing they are dealing with a company that is properly covered in the event of a mishap or accident.

General liability coverage is one of the basic insurance policies needed. It will cover property and bodily injury issues for each job. This protection is directed for the client of the contractor and not for the contractor’s reimbursement. Endorsements can be added to cover specialty work such as laying water pipes and fire and explosions from working with flammable materials.

When your company also provides engineering or design services, or any type of information that relies on your employee’s calculations, you will want an Errors and Omissions policy. Making a mistake at the very beginning of a project that is not found could jeopardize the entire project.

To protect the construction company’s equipment that is used onsite and during transit, risk coverage is needed. With this coverage the value of the materials too is covered while onsite and continues through the entire project. It may also cover larger instances such as tornado, earthquake, water damage, and theft.

Auto policies can be stand-alone or have liability only. Some general liability companies will also include property damage and bodily injury for company vehicles by adding an endorsement to the general policy. Again, this will protect you financially while providing a source for reimbursement for damage done by you or your employees to other’s body or property.

Completed operations insurance protects you from unseen problems that occur after the project is finished. It covers things like water and contents damage due to water from a plumbing mistake, or from fire due to an electrical mistake.

Mandatory worker’s compensation is insurance to protect your employees in case of an injury to their person while on the job. It will cover rehabilitation and medical costs and will provide lost wages. The employee can also recoup costs if a disease is contracted due to job conditions. An employee may waive this coverage in order to have the right to sue the construction company. Part B covers the employer in this event.

The larger and more varied the company, the more useful a person dedicated to handling worker’s comp is. Each experience level and task has a code that dictates the cost per hour an employer has to pay for each employee. On office worker will have a lesser amount per hour than a person who does work on the roofs of buildings.

By browsing the web for construction insurance for contractors, you can inform yourself about the different types of insurance that may be needed in your business. Using your zip code to locate agencies in your area will help you find contact information. Inquire about the types of insurance each agency suggests is mandatory and get quotes from three or four agencies.

Visit our site for complete details about the benefits of construction insurance, today. You can also find inside information about the different types of construction insurance, now.