Tips to find the right construction insurance policy

26 Oct 2020

With the perennial risk of damages and fires, having the right construction insurance plan in place is imperative for every construction company. Hence, selecting the right type of coverage from a top construction insurance company is a difficult yet important decision that all construction companies must make. Here are our tips for the same.

Determine Your Risks

First and foremost assess your needs and risks. This exercise helps you in clearly understanding the problems you need to manage and in finding the right type of coverage for your construction company. If the task feels overwhelming, you can avail the help of any top construction insurance brokers or construction insurance consultants to analyse your business’ risks.

Start with Basic Coverage

It’s best to start with the basic coverage and then add on to that. One of the most common types of construction insurance is Commercial General Liability. These types of insurance cover injuries and property damage, which are incredibly common among construction companies.

Add Extra Protection

Once you have your basic coverage, the next step is looking into the specific types of insurance according to your needs. Depending on a variety of factors like weather, pollution, or the type of trade, you may want to upgrade your policy. The new types of coverage you add may differ depending on the specific construction trade that your business undertakes.

Consider beyond Liability Insurance

The most important policies to get would include Contractors All Risk, Erection All Risk, Advance Loss of Profit, and Contracts Plant and Machinery. Negotiating the policy wording becomes important when you want to customise the policy, for example, include provisions for delayed start to projects.

Find a Trusted Insurance Provider

Finding a trusted insurance partner is perhaps the most important step in finding the right insurance policy. Detailed consideration must be given to whether a provider’s policies are a good fit for your business needs. Review all your options and research online before deciding on a construction insurance provider.

The key to having a successful and reliable insurance plan is to start with a reputable provider and identifying the areas of your business that needs to be protected. At Unison, we help you every step of the insurance process. We are one of the top construction insurance broking companies in India, with a wealth of experience in providing tailored construction insurance solutions to our clients’ needs. Check out our construction insurance page to learn more about the industry.