What Insurance Do Builders Need?

What Insurance Do Builders Need?

Clifton Construction Insurance

The construction industry is filled with risks, by its very nature. There’s risk of property damage to surrounding structures, personal injury to bystanders, theft of equipment and more. Proper construction insurance coverage in Clifton is necessary in order to protect those involved in a project against significant loss. Your business rests on its ability to turn out a job within budget and without loss, and over- or under-insuring your work could cost you more than just the premiums.

Several different types of policies are available, and may be needed depending upon your work. General liability coverage will protect you from most losses, including personal injury, property damage, and any other risks specified in the policy. It’s the most common type of insurance for contractors and builders, and the most readily available. But depending upon the scope of your business, you may need different specific coverages as well. Errors and omissions coverage will protect design-build contractors against flaws in design that might cause financial loss. Additional riders or policies can protect you against pollution and environmental damage, employment practices insurance, equipment theft and anything else that might be needed in your niche of the industry. A qualified insurance agent can assist you in analyzing your current coverage to ensure that you’re properly covered for your projects.