Construction Insurance can be significant. It can distinguish between a successful run and a complete failure. If you were to damage the structure you were working on, how much would it cost to replace it? Can your company survive the risk of a huge liability claim? Thistle, we’ll discuss the Construction Insurance you should have and why you need it.
Essential Construction Insurance Policies
1: Workers’ Compensation
Worker’s compensation provides coverage if employees suffer injuries at work. It pays for medical treatment. It also protects against loss of income because of being unable to work. However, there are other financial risks for employees. The law requires your business to get covered by workers’ compensation.
2: General Liability
General liability safeguards your business from negligence claims. It could include damage to someone else’s property or bodily harm to another person. The cost of legal defense will also get covered by general liability. Liability insurance is only available for third parties who are liable for claims.
3: Builder’s Risk Insurance
Builder’s risk refers to property insurance. It is, however, only applicable to certain types of construction projects. For instance, coverage gets limited to new construction, remodeling, or renovation of structures. Therefore, it’s a specialized coverage tailored to your specific project. The typical range covers such risks as:
- The theft of equipment and tools,
- The destruction caused by vandalism,
- Property damage gets caused by accidents or bad weather.
Why Is Construction Insurance Important?
1: You Can Safeguard Your Investment and Business
Secure your construction business by combining general liability, worker’s compensation, and builder’s risk insurance. The law mandates general liability and workers’ compensation. In addition, by incorporating the builder’s risk insurance on each project, you fill in those gaps within your insurance coverage.
2: You Stand Out Among the Others
Builder’s risk insurance shows customers that you’re a professional. In turn, it provides them with confidence that when something goes wrong on the site, the insurance company will be able to rectify or correct the problem. It, in turn, decreases their risk financially. Additionally, it impacts whether they get the work done or not. Because of this, clients who have construction insurance get assured that their project is in safe hands.
3: You’ll Have Peace of Mind
Construction can be a very stressful industry. Events can occur that cause changes. For instance, Building Ordinances can change and cause delays that cut into your profits. It could cover under your insurance. But there will always be things that you have to deal with and resolve in your project. Therefore, with construction insurance, you can rest easy knowing that you’ll get covered in an emergency.
Construction Insurance Prepares You for Success
In the end, if you own construction insurance, you are set up for success with your projects. It means that you’ll be able to have the assurance that you require to take on projects that are now with confidence. At Commercial Insurance Ottawa, we will offer you the appropriate protection for your company. Call us at (613) 454-5640 or email us at firstname.lastname@example.org.