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Construction Insurance Policy


If you are part of a team that’s running a construction project, you must be able to face the daily risks of equipment damage and work-related hazards. Whether you are a builder or a contractor, you or your team must obtain a reliable insurance during construction as a protection against possible job site problems that might occur during the phases of your project. These include natural disasters, accidents, fire, flood, storm, earthquake, theft, and so on. This will help you maintain a secure work site and employees and also insure the materials and equipment in case of loss or damage.

Whether you are having a private or a business project, construction insurance policies will legally protect you, your team or your company. They will cover any expenses for your project in case something happens during your operation or construction that could adversely affect its development. This will also save you time and money in case court problem or legal battle arises, big or small. However, construction companies usually need policies that are specialized for the whole coverage. Specialized construction insurance policies are very beneficial to contractors, builders, electricians, carpenters, plumbers and any construction professionals involved.

It is really crucial to understand the insurance policies completely. Most construction works involved operating heavy equipment and machinery that can injure workers or that might break down at any time. That is why standard commercial insurance policies and specialized insurance policies are very important for complete coverage. Builders and contractors must know what type of construction insurance they should choose. This will help them determine what option they should have.

Some of the most common construction insurance policies are the following:

1. Professional liability – this is also called errors and omissions insurance. This
protects clients from third-party claims of error and/or negligence.
2. Loss of income – this can cover a loss of income within policy limits due to business interruption.
3. Worker’s compensation – this could cover compensation to employees who are injured at the job site for medical expenses and fractional wage replacement.
4. General liability – this could cover liability costs to persons (non-workers) who got injured or their property got damaged within your work site.   
5. Builder’s risk – This could cover property damage on work sites during the construction.
6. Commercial vehicle insurance – this could cover any vehicles that are business-owned or personal vehicles used for the business. These may include vans, trucks, cars, mixers, etc.

If you are ready for the process, call Allrisk Insurance now and get started today. Our number is – 1300 255 747. Call us ASAP so we can start to evaluate your business. This will help us select the best recommendation for you. We will provide you with the right policies based on our assessment of your company.

For more information about Construction Insurance Policy, visit our website.
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