A construction site is prone to accidents, damage, thefts, and injuries to workers and others. A construction insurance provides a broad coverage against various construction industry related problems.
Commercial general liability insurance policies are designed for providing coverage to builders against compensation claims made against them by third parties for property damage or physical injury
caused during the course of construction. It is important to have commercial general liability insurance as a precaution because compensation claims can be so large that the business may be closed, as it may be unable to pay the compensation. This insurance also provides coverage for the legal expenses which may arise in defending the suits. It also provides coverage for minor medical expenses due to physical injury to third party.
The businesses which require a commercial liability insurance policy are here under:
Commercial general liability insurance policies are designed for providing coverage to builders against compensation claims made against them by third parties for property damage or physical injury
caused during the course of construction. It is important to have commercial general liability insurance as a precaution because compensation claims can be so large that the business may be closed, as it may be unable to pay the compensation. This insurance also provides coverage for the legal expenses which may arise in defending the suits. It also provides coverage for minor medical expenses due to physical injury to third party.
The businesses which require a commercial liability insurance policy are here under:
- Residential general contractors
- Developers
- Re modelers
- Light commercial general contractors
- Artisan trade contractors
Some companies offer a policy in such a way that they pay for damages done by the subcontractor. For example the electrician installs an electrical outlet incorrectly and causes a fire that damages the floors, the insurance provider will cover that damage.
There are many insurance service providers operating in the market who are offering a wide range of policies based on the costs, coverage, and the duration. So, a builder has to get quotes from different companies and select the policy that best suits his business.
There are many insurance service providers operating in the market who are offering a wide range of policies based on the costs, coverage, and the duration. So, a builder has to get quotes from different companies and select the policy that best suits his business.
No comments:
Post a Comment