3 Types Of Construction Insurance

​Construction insurance may protect all involved parties in the process of construction. An insurance policy for construction company owners like you might be helpful in this industry. 

This type of insurance policy may cover the costs incurred due to property damages or personal injuries on the construction sites. 

The Importance of Construction Insurance 
Nowadays, construction insurance policies are becoming more important. Unexpected accidents typically happen on construction sites because of using heavy equipment, the hard labor required to do the job, and more things that can go wrong. As the company owner, one of your responsibilities is to take care of the necessary expenses. 

Besides the owner, this type of insurance policy may also cover the following:

• Employees
• Workers
• Subcontractors
• Business partners
• Tenants

Types of Construction Insurance 

1. General Liability Insurance
   They also recognize this insurance as commercial or contractor general liability insurance. General liability insurance may provide liability protection for your company if the accident involves bodily harm. It may protect against any property damage during the business. 
   
   There are different versions of construction insurance, which can benefit many companies for various building projects. The insurance providers may offer decent coverages to protect the builders from liability. 
   
   
2. Commercial Auto Insurance
   Commercial auto or vehicle insurance may provide relief to many construction firms. This insurance may insure vehicles used during business hours. It is advantageous for policyholders to avoid higher costs of repair, potential lawsuits, and medical expenses due to automobile accidents.
   
   Here are some of the usual standard coverage options:
      - Physical damage
      - Liability damage
      - Uninsured motorist coverage
      - Medical payments coverage 
   
   
3. Builders Risk or Course of Construction Insurance
   Builders' risk or course of construction insurance may cover buildings and other under-construction structures. As a builder, you need to determine the potential benefits of this type of insurance policy. Builders' risk coverage may usually include the following properties:
   
      - Foundations 
      - Building materials
      - Paving and fencing
      - Temporary structures such 
      - Outdoor fixtures
      - Gardens set up by the builder
   
   These are only some of the existing construction insurance policies. If you are a contractor who builds huge buildings or works with local governments, you can decide on insurance protection. Construction projects are usually prone to various dangerous situations and need responsible builders.

Conclusion
The high cost of medical care, legal fees, and property repairs are just some of the risks faced by a construction company and its employees daily.

At CSIS Insurance Services, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 501-2747. Get your free quote today by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with you