Construction is one of the industries that require huge investments in terms of money and manpower.
Workers at construction sites risk losing their lives as they work at very high heights, using toxic materials, dangerous tools, heavy equipment, and working under tunnels.
Therefore, construction is associated with very high risks for lives and money as bad fortune or negligence of the owner or worker can prove costly as it may lead to huge financial losses without construction insurance.
Comprehensive Construction Coverage
This is a type of coverage that is particularly designed for construction industry, an important coverage that protects the various parties engaged with the construction.
A comprehensive construction insurance policy is important as it covers all expenses, which may occur as a result of personal injuries or property damage at the construction sites.
High Liability Risk
Since construction involves the use of heavy materials, labor, equipment that are highly prone to accidents, it is important to note that your business will stand liable for all the accidents that occur at the construction site.
Therefore, if there is no construction insurance coverage, the contractor or the client should pay for medical expenses of the injured and pay compensation to the families if the worker dies.
Costly Materials
The cost of materials used in construction is very high which means that damages to the material or structure results in a huge financial loss.
When you have construction insurance, you are free to seek financial assistance from insurer in case of loss.
If there is a fault in the construction, buyers of the property can sue the construction company or owner which would make the owner required to pay for the repairing and remodeling of the constructed property.
Construction insurance would coverage such damage.