Category: Builders Insurance Group

Builders Insurance is a vital part of any construction project because whether engaged in the area of houses, buildings or other types of projects, the possibility of accidents is endless.

These accidents can involve a wide area and the person who is in charge is responsible for seeing that there is insurance to cover these possibilities.

Stuff Happens on Building Sites

Vehicles overturn, walls collapse, trenches cave in, and numerous other things occur somewhere in the country on a building site every day.

Having protection with builders insurance against lawsuits as well as providing for injured people is essential for anyone who is in engaged in such an industry.

One also wants protection in case something unexpected occurs such as a violent windstorm which can cause severe damage.

Having protection against these things is a requirement for anyone running an efficient operation.

Builders Insurance May Be A State Requirement

Many states require by law that people engaged in this work to have certain types of insurance before they can be licensed.

These types of builders insurance include Workers Compensation Insurance, Commercial Automobile Insurance and Contractor's Liability Insurancem, policies that not only protect the builder but the employees and the public as well.

Contractors Liability Insurance

Contractors Liability Insurance will protect one against such things as claims, lawsuits, and property damage.

It will also protect against being sued for someone being injured by the contractor's operations or products as well as actions by a sub-contractor.

With a large number of lawsuits being filed at the current time, it is essential that anyone in the building business have this coverage.

Workers Compensation Insurance

Workers Compensation Insurance is required of all businesses that have employees as it covers injury to the employee and limits the liability of the builder and is required by law.

It assures that both the employee and the employer, in a case of an accident, will receive the proper care needed.

Commercial Automobile Insurance

Construction contracts require that one has Commercial Automobile Insurance to cover bodily injury, lost wages and damages.

Many times, a vehicle involved in the project will have an accident. This policy protects the builder from court actions, which could put them out of business.

Insurance is an Essential Part of the Building Industry

Insurance coverage is a huge expense to a person engaged in this industry; however, it is valuable for one's protection as well as the protection of others and an essential part of doing business.

Builders Insurance, with its many entities, is essential for one to operate safely and with no danger of one's personal finances being at risk.

No one can predict the future; however, with common sense one can have as much protection from future disasters as possible.

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.