Fatalities in the construction company are not uncommon.
Workers, enterprise owners, and even the general public are always at risk of injuries at construction sites.
There is also a significant risk of machinery and material damage.
Builders Insurance Policy
This broad term "builders insurance" covers all kinds of risks associated with the construction business such as death, injury, or property damage.
A comprehensive package includes all individual insurance policies like public liability insurance, employee liability insurance, machinery insurance, and personal accident insurance for each of the above risks as they all are covered under a single policy.
Here, we will discuss the potential risks at a construction site and how a tailor-made builders insurance policy helps in each case.
Construction Sites - Risky Work Locations
Constructing a facility is not a one day task or a one man job; it takes many days of work, requires massive manpower and extensive range of machinery.
As people work at elevated heights, handling cumbersome and dangerous equipment, their lives are always in danger.
Every worker including the employer or the company and the neighbors are vulnerable to accidents at a construction site.
Workers Are Prone To Accidents
Employees who work at a construction site are in danger of accidents and injuries.
As their activities involve manual labor and critical machines, they are highly prone to injuries and disablement or sometimes death.
Since the employees are injured at work, the employer is liable to pay related medical expenses and other costs.
In such cases, having workers compensation insurance helps the owner in paying the cost of the claim.
Building Activities Could Injure Or Kill The Public
Not only the workers but other people who are not related to the business such as neighbors, visitors, clients, etc., present in and around the building site can fall victims to the hazards at the construction places.
Machinery Damage
Auto accidents may happen due to a sudden calamity or human error or during transit.
Materials and machinery being used at construction sites are expensive and they are often prone to thefts.
Companies having builders all risks or property insurance can effectively face these conditions as they can replace the equipment or machinery using the reimbursed money.
The policies issue cover for the materials used at the construction site.