Construction insurance is actually an overall name that is given to numerous types of insurance policies that give you coverage for any kind of injury or damage claims. If you are new to building and contractors insurance, or if you want to find out more about construction insurance in general then you can find out everything you need to know, here.
This is one of the most common types of construction insurance. It will cover you for any liabilities if you happen to injure a third party or someone who is not an employee of your property. You need to take out this kind of insurance if you are going to be working near to other people or their property in general. This will help you to protect yourself against any potential claims or damages that might happen over time.
Product liability will protect you if you happen to have some kind of liability for any products that you provide. This also covers you for anything you manufacture or even import. This kind of insurance may be included in your construction insurance policy if you take out a good policy.
Employer Liability Insurance
This is another popular type of construction insurance cover, and it will protect you if one of your team members happens to experience an illness or an injury. If you are any kind of employer then you need to know that this kind of cover is compulsory. You may also want to look into this cover if you are building your own property, as injury to volunteers may spark a claim against you because you are actually an employer.
All Risk Insurance
All Risk Insurance will cover you for any physical damage to site materials, or even any work that you have been contracted to undertake. Losses like this will not normally be covered under a normal policy but it may be that you can take out this policy along with a standard construction policy. If you cause damage to the property that you were due to work on then a standard insurance policy may not cover you for everything you need, but if you take out this policy then this will provide you with full coverage and you may even be able to avoid the costs that are associated with rectifying the damages too.
Lastly, professional indemnity will protect you against any claims or losses that might arise from professional negligence, or any kind of negligent advice. If you provide some kind of advice to do with construction or if you are somewhat responsible for overseeing a construction in general, then it’s important that you take out this kind of policy so keep that in mind if you can.
Of course, there are so many types of insurance policies that you can take out but if you take out a good enough construction policy then this will really help you in the long-term and you will be able to take advantage of the above benefits too.