Construction includes workers, transport vehicles, heavy equipment and other necessary materials such as cement bags, hollow blocks, steel bars, etc. Construction is a risky work and serious injury or death to workers or damage to property is a common issue. So if you are involved in the construction industry it is very important to have building insurance. Building insurance is an important consideration for construction workers, including builders, owners, entrepreneurs etc. It will serve as the greatest protection against any liability that may arise from the construction.
The unpredictable nature of the construction industry can make you pay for the damage during construction. Building insurance helps to cover a number of possible problems that arise during construction. The cost of the insurance premium would be many times less than the cost of these problems. That is why many construction companies consider building insurance as an important part of their building budget.
Four main areas cover it
Building insurance has many types of policies that cover a large number of losses that arise during construction. Construction insurance provides coverage for construction workers from claims arising from various types of risks in the form of accidents, theft, damage and damage. Some of the joint building insurance packages are Public Liability Insurance, Employers Liability Insurance, Contractors All Risk and Personal Accident Insurance.
General liability insurance
General Liability Insurance covers your company when you or your employees cause bodily injury or death to a third party or damage a third partys property during the construction process. A third party can claim that they have suffered a loss due to your negligence and suits you or your company for compensation and damage. General liability insurance is sometimes said to be known in hundreds of thousands of euros. General liability insurance helps you by taking up the cost of the claim.
Consider an example where liability insurance gives you an insurance coverage. When one of your employees works at the construction site, a device drops to the street, damages an appropriate pedestrian or harms a persons property. He can sue you for your employees neglect and claim against your company.
Employers liability Insurance
Employee Liability Insurance covers you against claims from your employees, if any of them have physical injury or death during the construction process. General liability insurance covers your company against third party claims, where employer liability insurance covers you from your employees claims.
For example: When an employee who works upstairs at the construction site falls and suffers serious injury or dies, he or his family members can claim your company. Employee liability insurance can help you by paying employee claims.
Entrepreneurs are all at risk
Entrepreneurs all risks insurance is designed specifically for builders, owners and entrepreneurs. This policy provides protection for the property that is working on, such as a new house being built. This policy covers loss or damage to contract work, materials and even equipment. For example, if you build a new house, you will be covered if any of your ongoing work is damaged. Entrepreneurs all risks insurance may include cover for contract work, own plant, hired facility and employee tools used for construction.
Personal accident insurance, sometimes referred to as accident insurance, provides income if you can not work as a result of an accident at the construction site. Although personal accident insurance does not replace your full time income, it will at least reduce your financial concerns during your recovery. Personal accident insurance is very useful for sole traders, business partners and business executives because it is extremely difficult for them to sue their own company for accidents.
For example, you are a self employed carpenter. You cut your hand and can not work for several months. Because you have a personal accident cover, you get some money to meet your financial needs until you return to work.
As accidents and injuries are common during construction work on most construction sites, building insurance is definitely an important asset. Your construction project will be much safer through proper building insurance. However, the choice of the right insurance company is also very important. Make sure that the insurance company you choose is a reputable and experienced in construction insurance before making any decision.