Must-Have Types of Insurance for Construction Companies

Must-Have Types of Insurance for Construction Companies-What is General Liability Insurance?- construction and negotiation photos in white and blue background

What is General Liability Insurance?

What is General Liability Insurance? This insurance covers the general liability of the insured for claims arising out of accidents, torts, or other occurrences on their premises. The intent is to protect an individual’s assets and income against any lawsuits that may arise from negligent acts on his/her behalf.  

There are three main types of General Liability Insurance: Property Damage Coverage – this protects against losses due to damage caused by you or your employees; Personal Injury Protection – This coverage includes bodily injury (i.e., physical injury) and property damage (i.e., destruction of personal property); Medical Payments Coverage-this coverage pays medical expenses incurred as a result of an accident occurring at your place of business; however, it does not cover death.

General Liability Insurance can cover the cost for any legal fees, attorney’s fees, or judgments if someone were to sue you for something they believe was your fault. It also covers the cost if someone were to get injured while on your premises and tries to say it was because of something you did wrong. 

If anything happens in your office building, restaurant, cafe, etc., this type of insurance has got you covered. A general liability policy ensures that no matter what happens in relation to your business dealings.

What are Surety Bonds?

Surety bonds are a type of insurance that guarantees the performance of an agreement in which one party is obligated to perform. It’s commonly used when someone needs to borrow money and pledges property as collateral, when borrowing supplies from a bank, or when contracting out work. 

The amount set for surety bond coverage varies depending on the risk involved in the agreement. 

Bonds can be used for anything from business and government contracts to lawsuits and more. What you need to know about bonds is that they are subject to different levels of risk, so if you’re looking for an inexpensive way to cover your assets, this might not be the best option. 

A surety bond can be used for a variety of applications, such as construction projects or to ensure that someone who has been convicted doesn’t flee before their trial. Surety bonds are often required by law in cases where one party owes another money, such as with home improvement work. 

What is Commercial Auto Insurance?

Commercial auto insurance is a type of coverage that protects you and your vehicle in the event of an accident. This includes covering medical expenses, property damage, and liability costs. It also provides protection for any passengers who are injured or killed in accidents while riding in your car. 

The importance of having this type of insurance cannot be overstated as it can protect you financially and emotionally from many devastating consequences which could otherwise leave you exposed to significant financial loss and emotional distress.

Commercial auto insurance usually includes personal vehicles that are used by an employee in the course and scope of their employment or any other vehicle that is rented or leased by a business. 

With commercial auto coverage, you can have protection against damages caused to third parties as well as your own car, legal liability resulting from bodily injury or property damage incurred while driving on behalf of your employer/company, medical payments if someone sustains injuries because of an accident you were involved in while working with the company’s vehicle, and uninsured motorist coverage which will help cover expenses if somebody else causes an accident but doesn’t have enough insurance to pay for all the damages.

What is a Worker’s Compensation Insurance?

A worker’s compensation insurance is a type of liability protection for employers in the event that one of their employees becomes injured on the job. These injuries often times happen due to some sort of accident or injury, but they can also be caused by an illness contracted while on the job. Either way, it is crucial for employers to have worker’s compensation insurance so they are covered should this situation occur. 

Workers Compensation Insurance helps with paying for medical bills, lost wages, and other benefits if an injury occurs on the job. It also covers death benefits in case someone dies from a work-related incident or disease.

In the United States, workers’ compensation insurance is a system of work-related benefits to provide income replacement and medical care for employees who are injured or ill because of their job. Workers’ compensation programs are regulated at the state level. 

The National Council on Compensation Insurance (NCCI) provides guidelines for how each state’s program should be structured within the parameters set by that state’s legislation. State laws vary in terms of what type of employee must have coverage under a workers’ comp plan, whether employers may choose their own insurer and other provisions.  

Interested? Know more by checking out Alpha Surety Bonds!

x  Powerful Protection for WordPress, from Shield Security
This Site Is Protected By