What You Should Expect When You Purchase Construction Insurance
Construction insurance covers various sources of liability, and it can protect anyone from a single contractor to an entire firm. Here are some of the benefits you or your company will be entitled to if you sign up for construction insurance in CT.
In any business, mistakes are inevitable. In construction, these mistakes can be costly and difficult to fix, and they can make the building undesirable to clients or even unsafe. Violating OSHA regulations, building something incorrectly, or providing a client with inaccurate or outright wrong information can lead to expensive rebuilding, safety hazards, and even civil lawsuits. Accidents beyond your control, like flooding or severe weather, can also cause costly damage during construction. The best construction insurance will offer you a combination of the benefits you would normally enjoy from professional liability, property, casualty, errors and omission, and builder’s risk insurance. Of course, completing the building correctly and safely is only one side of the business.
Coverage for employee issues.
A building firm is also going to be liable for problems employees face, such as workplace injuries or improper treatment. Construction insurance can cover areas as diverse as worker’s compensation, worker’s benefits, and employee practices, which relates to the proper treatment of employees. The right insurance can help shield against employee allegations of unfair treatment, inappropriate employer conduct, or an unsafe work environment.
These are just a few of the areas that construction insurance can cover. There are many variables to control in construction, and many unpredictable things that happen, but taking out construction insurance in CT can really help mitigate risk and loss.