In any construction business, it is essential to have coverage for yourself and your employees. It does not matter if you are working on your own site or on another that you are contracted out on. Accidents can happen anywhere, and you need to be covered for every kind, including ones you are responsible for. Here’s a rundown of builders risk insurance and general liability insurance to help you better understand what you need.
Contrary to what you may believe, builders risk does not cover liability. It is designed to cover everything that the builder owns in the event that something becomes damaged. It can protect equipment and other property from any damage, including weather-related events.
On the other hand, general liability insurance covers any bodily injuries that occur on the job. It also covers any damage a contractor may do to the property they are working on, including whatever they are constructing. Only in the case of negligence can a claim for general liability be denied.
Insurance You Should Always Have
To be fully protected, a contractor should have both builders risk and general liability insurance. This covers all bases when an accident happens. A contractor should always have these insurances before beginning any job.