What Construction Insurance Covers ?
Construction involves workers, transport vehicles, heavy equipment, and other necessary materials like cement bags, hollow blocks, steel rods etc. Construction is a risky work and serious injury or death of workers or damage to property is a common issue. So if you are involved in construction industry, it is very important to carry construction insurance. Construction insurance is an important consideration for construction professionals including builders, owners, contractors etc. It will serve as the greatest protection against any liability that may arise out of construction.
The unpredictable nature of the construction industry can make you pay for the tons of damages during the course of the construction. Construction insurance helps in covering a multitude of possible issues that arise during construction. The cost of the insurance premium would be many times lesser than the cost of these issues. This is why many construction companies consider construction insurance as an essential part of their construction budget.
Four main areas it covers
Construction insurance has many types of policies covering a wide range of losses arising during the construction. Construction insurance provides coverage to construction professionals from claims resulting due to various types of risks in the form of accidents, thefts, damages, and injuries. Some of the common construction insurance packages are Public Liability Insurance, Employers Liability Insurance, Contractors All Risks and Personal Accident Insurance.
Public liability insurance
Public liability insurance covers your business when you or your employees cause bodily injury or death to an outsider or damage a third party's property during the process of construction. A third party could claim that they have suffered a loss because of your negligence and sue you or your company for compensation and damages. Public liability insurance claims are sometimes said to run into hundreds of thousands of Euros. Public liability insurance policy helps you by picking up the cost of the claim.
Consider an example where public liability insurance provides you a cover. When one of your employees working at the construction site, drops a piece of equipment which falls to the street, injuring a passing pedestrian or damaging a person's property. He can sue you for your employee's negligence and claim against your firm.
Employers liability insurance
Employers liability insurance covers you against claims from your employees, if any of them suffers physical injury or death during the construction process. Public liability insurance covers your business against claims from third parties, where as employers liability insurance covers you from your employees' claims.
For example: When an employee working at the top floor at the construction site falls and suffers a serious injury or dies, he or his family members can claim against your firm. The employers liability insurance can help you by paying the employee's claims.
Contractors all risks
Contractors all risks insurance is designed specially for builders, owners and contractors. This policy provides cover for the property being worked on such as a new house which is being constructed. This policy covers loss or damage to contract works, materials and even equipments. For example if you are building a new house, you will be covered if any of your work in progress is damaged. Contractors all risks insurance can include cover for contract works, own plant, hired-in plant and employee's tools used for construction.
Personal accident
Personal accident insurance, sometimes called as accident insurance, provides an income if you are unable to work as the result of an accident at the construction site. Although personal accident insurance is no substitute for your full time earnings, it will at least reduce your financial worries during your recovery. Personal accident insurance is very useful for sole traders, business partners and company directors as it is extremely difficult for them to sue their own company for any accident.
For example, you are a self employed carpenter. You cut your hand and are unable to work for several months. As you have personal accident cover, you will receive some money to meet your financial needs until you return to work.
As accidents and damages are common during the construction work in most construction sites, construction insurance is definitely an important asset. Your construction project will be a lot safer and secure through a right construction insurance policy. However, the selection of right insurance company is also very important. Make sure that the insurance company you choose is a reputed one and experienced in construction insurance policies before making any decision.
Questions and Answers
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Professional occupational health and safety consultants are essential for all businesses. They provide an independent, formal analysis of organisational needs and are invaluable sources of information and advice for helping self insured organisations meet their statutory obligations and OHS commitments.
One very rewarding way to start a business of your own and earn extra income at home is to become an expert witness. Review your professional experience and education and determine what field or area of work would you consider to know well enough that you would consider yourself to be an expert.
An expert witness as defined by the dictionary is a person who is a specialist in a subject, often technical, who may present his/her expert opinion without having been a witness to any occurrence relating to the lawsuit or criminal case.
The field and industry of construction requires electrical contractors to meet such high standards in electrical installations. The contractors are obliged by builders, developers and architects to provide them with high qualities of electrical systems.
Most electric-related accidents and injuries occur as a result of water existing in and around the construction site where electrical equipment and lines are being used and worked on.
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