Contractor’s insurance, also known as construction insurance, protects contractors and construction companies against financial losses and liabilities that may arise during a construction project. It is designed to protect against many risks, including property damage, personal injury, and financial losses.
There are several types of insurance coverage that contractors may need to consider, including:
- General liability insurance: This covers damages or injuries that may occur on the job site and can include damages to property, personal injuries, and financial loss.
- Property insurance: This covers damages to the contractor’s tools and equipment and the construction site.
- Workers’ compensation insurance: This covers medical expenses and lost wages for employees who get injured on the job.
- Professional liability insurance covers errors or omissions made by contractors or employees while providing professional services.
- Umbrella insurance: This provides additional coverage above and beyond the limits of other insurance policies.
It is vital for contractors to carefully assess their risks and determine the appropriate level of insurance coverage needed to protect their business.