What Is Construction Insurance and the Benefits Associated with Having it

As a construction professional or contractor, you are faced with many daily risks. These include equipment damage and even hazards present at your jobsite. Construction insurance is a special type of insurance that aids in helping you maintaining a safe worksite.

It protects your employees and also offers protection for the materials that you use, the effects of natural disasters, and more. You are in a physically demanding job that results in several factors and numerous variables that cannot be controlled.

By simply obtaining a construction insurance policy, you will have the protection and peace of mind to get the job done. 

Various Types of Construction Insurance Coverage Available 

There are several different types of coverages available under the umbrella of construction insurance. These include the following:

  • General Liability 
  • Professional Liability
  • Commercial Vehicle 
  • Loss of Income
  • Builder’s Risk
  • Workers’ Compensation

The Benefits 

Regardless of how careful we are and the precautions that we take, construction sites are dangerous. These are dangerous to your, your employees, and the property in which you are working. The following outlines the top benefits associated with construction insurance:

  1. By having construction insurance, it will provide protection for the property where you are working. If any type of damage occurs on the property (like hitting a pipe that results in flooding), it is covered. 
  2. The employees that you have as well as all of the assets that they utilize are completely covered should the unexpected happen. 
  3. If you or your company becomes involved in a court case, construction insurance will assist in covering all of the legal fees involved. This usually covers the fees associated with your lawyer, the fees for witnesses, and various other types of court-related expenses. 
  4. If you are found to be responsible in a judgement issued by the court, construction insurance may help in paying for the associated expenses and the damages. 
  5. Construction insurance will help in covering in the case of an injury. This type of work is very demanding and with all the equipment and tasks performed, it can be very dangerous. There is always the potential that you will become injured or that one of your employees and even your client may sustain an injury. By having construction insurance, you are all protected. 

Let Us Help 

In construction, there are many risks. The dangers are numerous. You should always take steps to prepare for the unexpected. One of the best steps you can take is obtaining construction insurance.

We here at Modica Associates can work with you to determine the best coverage possible. We are a family-owned establishment that has been in full operation since the year of 1961. We believe in providing services to each of our clients.

We place a high value in establishing a partnership of both trust and honesty with each client that we serve. By working with us, you can rest assured that you will get the best value on your insurance coverage. Call us today to learn more: 718-855-1836

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