Construction is a very profitable trade for those involved in the construction industry. However, there are also certain risks involved that can lead to the financial ruin of the company if these are not addressed properly or have the necessary protection that will accommodate them should they happen.
The use of heavy machineries, power tools, toxic materials, makeshift platforms, and elevated heights are makings of a catastrophic accident waiting to happen. This renders the construction site really unsafe, particularly for those who really should not be there in the first place. Construction workers commit themselves to these dangers as this is their trade. However, this does not necessary disqualify them from the many dangers involved in construction work. This is why for construction company owners, to protect their best interests from claims involving injury, death, or damage to property, getting construction insurance becomes necessary as the construction insurance will help cover for the financial damages incurred from such eventualities.
There are different coverage involved in construction insurance. It is comprehensive and designed to particularly cover different aspects of the design process. This helps it to be more flexible. There are four coverage areas in construction insurance – public liability, employer’s liability, personal accident, and contractors all risks insurance.
Public Liability Insurance – this is a general type of insurance that involves damage to third party persons or property. This insurance is gotten as means to protect third party people caused by the construction project. This will involve falling debris, objects, or tools from the construction site.
Employer’s Liability Insurance – since construction sites have many risks, this is an insurance that provides protection should a worker die at some point during construction process, either from negligence of others, or from faulty equipment. Any lawsuit coming from workers due to different claims and compensation will fall under this insurance.
Personal Accident Insurance – this is designed for managers, business partners, and sole proprietors. This insurance is useful because it prevents them from blaming others for injuries caused to them. It is a form of financial assistance when the injured cannot get any income.
Contractors All Risks Insurance – this is an insurance that provides assistance involving theft on tool or materials, damages due to unexpected events, the sudden stoppage in construction work, and many more. This type of insurance is an ideal insurance for commonly occurring incidents in construction work.
Insurance is vital for the survival of any insurance company when certain eventualities occur. If you do not have insurance yet, get free construction insurance quotes from Rogers Insurance. They are your reliable source of the best construction insurance available.