The majority of construction projects require construction insurance. If you don’t have a dependable policy, you could be turned down for contracts for which you are perfectly qualified. A commercial insurance policy designed specifically for construction contractors is called construction insurance. A contractor without an insurance policy may not be eligible to obtain a license or work on certain construction projects. Compliance with state laws and regulations often requires an insurance policy.
Let us look at the importance of having construction insurance:
General liability insurance
This includes financial protection for things like injury or damage to property.
Builder’s risk insurance
You are covered if structures, tools, or other property on the construction site are damaged by you with builder’s risk insurance, which is more tailored to professionals in the construction industry.
Worker’s Compensation Insurance
It covers your employees’ medical bills and lost wages if they get hurt or sick at work. By covering those costs, workers’ compensation insurance safeguards you, your company, and your employees. In addition, if an employee alleges unsafe working conditions were the cause of their injury, employer’s liability insurance, which is typically included in workers’ compensation policies, can assist in paying for employee lawsuits.
Commercial auto insurance
If one of your company’s vehicles is involved in an accident, your medical bills, legal fees, and property damage will be covered by a commercial auto insurance policy. Trucks and other vehicles that are frequently utilized in construction projects are included in this.
At Concise Solutions Insurance Services, we comprehend that our prosperity rests in our capacity to fulfil our clients. Our cycles, our way to deal with individual assistance, and the items we offer aren’t limited by any single insurance agency. We work for you, not an insurance agency. Contact us at 704-321-2900 if you reside around Berkeley, Santa Clara, San Francisco, Hayward, CA, Fremont, and Oakland areas.