6 Types of Insurance for Contractors Part 1
Those of us in the construction industry understand the complexities of a construction site. There are workers of various skill levels and skill sets working to complete a structure. There materials moving back and forth. There’s stakeholders watching closely. This doesn’t include the fact that construction sites can be dangerous places. There’s a great deal of risk involved in construction projects, which is shouldered by contractors and owners. It’s for this reason that there are a several types of insurance available to construction industry.
Every construction project requires some type of insurance coverage. Determining which coverages are appropriate for your project is critical to your success. In this two-part series, we examine six important types of construction insurance. It’s our hope that this guide will help you maintain the correct level of insurance.
General Liability Insurance
General liability coverage protects your company in the event that your workers cause damage to your client’s property. It also protects you if non-workers are injured on your construction site. These instances may all lead to claims in which you may need the services of an Orlando construction attorney.
Builder’s Risk Insurance
As mentioned before, construction is complex business that’s full of risk. Builder’s risk insurance covers the structure where it’s currently being built, including materials that have yet to be installed. It protects you should damage be done to the structure or building materials from fire, lightning, or vandalism, among other occurrences.
In Florida, there’s a prominent need for flood insurance for construction sites. Sites near coastal areas and lakes may require it.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.