The must-have liability insurance policies if you’re in the Construction Business
Every construction site is always bustling with activity, which comes with its risks. Workers, contractors, large machinery, and more are needed to get the job done, which open up the possibilities of injuries, third-party damages and potential litigation. Hence, construction insurance is imperative for every construction project. Construction insurance comes in many different forms and you need to familiarise yourself with them before you approach any construction insurance brokers. So, here are the ones which are vital for every construction business.
General Liability Insurance protects your company from various liabilities, including injury claims and the subsequent medical expenses. It also protects your business from claims arising out of damage you may cause to a customer’s property, or from damage caused by a product you installed.
Professional liability offers coverage to errors in design or value engineering on the job or modifications that can result in major issues with a project. It covers those mistakes that can have a financial impact on a project but does not cover the cost of rework.
Pollution Liability Insurance offers coverage against any pollution incidents that occurs at a job site. Some policies can include third-party claims for bodily injury and/or property damage related to the environmental incident.
This is an insurance policy designed to protect employees from lost wages and medical expenses that result from job-related injuries. It also helps protect a company from lawsuits related to those injuries.
These are the insurance policies that every construction company must have. Consulting with a top construction insurance broker like Unison can help you identify and negotiate the best policy for your needs. Unison is one of the best construction insurance broking companies in India with an extensive experience providing custom solutions to top construction and infrastructure firms around the world. Check out our construction insurance page to learn more about the industry.