Scroll Top
405 S. Cascade Ave #101, Colorado Springs, CO 80903

Types of Construction Insurance: Importance of Liability and Builder’s Risk Insurance

types of construction insurance

No construction business owner wants to deal with injury or property damage. It’s a nightmare, and it can derail your entire way of making a living. 

The problem is, business owners have to deal with these issues all the time. It’s your job to protect against risk. 

You can’t run a quality construction company without keeping things safe and sound. That’s where construction insurance steps in. 

There are two big types of construction insurance; General Liability Insurance and Builder’s Risk Insurance. In the article below, you’ll find more information on each. Continue reading to learn more. 

General Liability Insurance 

General Liability Insurance is like a shield for construction accidents. It kicks in when things go south. The insurance covers injury costs, property damage, and personal injury claims during construction. No construction company should go without it.  

Construction sites are hectic, and accidents happen. General Liability Insurance is your safety net, tackling legal and medical costs. 

Whether someone gets hurt on-site or something accidentally breaks nearby, this insurance has your back. It will cover legal costs and protect you in the event of legal action. 

Key Features of General Liability Insurance 

Bodily Injury Coverage protects against claims if someone gets hurt on the construction site. Property Damage Coverage Covers accidental damage to other people’s properties during construction. Personal and Advertising Injury Coverage safeguards against claims like slander from advertising. 

Builder’s Risk Insurance 

Think of Builder’s Risk Insurance as a cover for your construction project. It’s there to protect your building and materials during construction from specific risks. Those could include things like theft, vandalism, or bad weather. 

Construction projects face all kinds of risks, from thieves to weather. Builder’s Risk Insurance steps up. It covers the structure and materials, ensuring your project stays on track and budget. 

Key Features of Builder’s Risk Insurance 

Property Coverage shields the building and materials from risks. Those could include fire, theft, vandalism, and certain weather events. Soft Costs Coverage takes care of extra expenses due to project delays, like architect or legal fees. 

Coverage During Transit protects materials and equipment while on their way to the construction site. 

Choosing the Right Coverage for Your Company 

Now that you know the types of insurance for construction companies, it’s crucial to pick the right one. General Liability Insurance tackles claims and keeps things in check. Builder’s Risk Insurance safeguards your project from all sorts of risks. 

Having the right insurance is smart and necessary. General Liability and Builder’s Risk Insurance ensure your project goes smoothly. They protect you from unexpected bumps in the road.  

Types of Construction Insurance 

Construction business owners have to be smart. General Liability and Builder’s Risk Insurance allow you to focus on the project. These types of construction insurance give you peace of mind on the job.  

The experts at Your Insurance Lady can help you find the right insurance. The professional team has helped others like you, and they have the experience and know-how to protect your team. Get a quote today. 

Leave a comment