Builders Insurance is a vital part of any construction project.
Whether engaged in the area of houses, buildings, or other types of projects, the possibility of accidents is endless.
These accidents can involve a wide area and the person who is in charge is responsible for seeing that there is insurance to cover these possibilities.
Vehicles overturn, walls collapse, trenches cave in, and numerous other injuring incidents occur somewhere in the country on a building site every day.
Having protection against lawsuits as well as providing for injured people is essential for anyone who is in engaged in such a project.
One also wants protection in case something unexpected occurs such as a violent windstorm which can cause severe damage.
Having protection against these things is a requirement for anyone running an efficient construction operation.
Many states legally require that people engaged in any construction activity have certain types of insurance before they can be licensed, including Worker's Compensation Insurance, Commercial Automobile Insurance and Contractor's Liability Insurance as these policies not only protect the builder but the employees and the public as well.
Contractor's Liability Insurance
Contractor's Liability Insurance will protect against such things as claims, lawsuits, and property damage and will also protect against being sued for someone being injured by the contractor's operations or products as well as actions by a sub-contractor.
With the large number of lawsuits being filed at the current time it is essential that anyone in the building business have contractor's liability insurance.
Workers Compensation Insurance
Workers Comprehensive Insurance is required of all businesses that have employees. This covers injury to the employee and limits the liability of the builder. This insurance is required by law. It assures, both the employee and the employer, that in case of an accident they will receive the proper care needed.
Commercial Auto Insurance
Construction contracts require that Commercial Automobile Insurance be carried that covers bodily injury, lost wages and damages when a vehicle involved in the project has an accident.
This policy protects the builder from court actions, which could put them out of business.
Value of Builders Insurance
Insurance coverage is a huge expense to a person engaged in this industry; however, for one's own protection as well as the protection of others, it is an essential part of doing business.
Builders Insurance, with its many entities, is essential for one to operate safely and with no danger of one's personal finances being at risk.
No one can predict the future; however, with common sense one can have as much protection from future disasters as possible.