5 Common Types of Insurance in the Construction Industry

In the construction industry, workers face a lot of risks every single day. For this reason, there are varying types of insurance that workers and business owners can invest in to protect everyone from these potential risks.

Here, we are going to look at some of the common types of insurance in the construction industry. Keep reading if you’d like to find out more about these types of insurance policies.

General Liability Insurance

Most businesses require a certain type of general liability insurance and in the construction industry, this is commonly known as construction insurance. This type of insurance can help to cover any sort of liability issues such as a work damaging a customer’s property by accident. Construction insurance is very important and without it, the business is not protected against any sort of liability claims.

Builder’s Risk Insurance

Have you heard of Builder’s Risk? This type of insurance is separate from general liability or construction insurance as it tends to cover the worker themselves and the equipment that they own. Having this type of cover can come in handy if your tools get stolen or damaged and for this reason, many construction workers have a policy like this.

Workers Compensation Insurance

Another common type of insurance in the construction industry is Workers Compensation Insurance which covers you when your employees are using heavy machinery and are at risk of getting injured. You might need to pay for their medical bills, lost wages and much more so this type of insurance is very common.

Commercial Automotive Insurance

Many construction workers need to operate large trucks or machinery and so there needs to be an insurance policy in place to cover this. For any drivers who are in charge of moving these vehicles, Commercial Automotive Insurance is required. Make sure that you have this type of cover if you own any vehicles that are used by your staff.

Asset Protection

The final common type of insurance policy in the construction industry is Asset Protection insurance. This tends to cover the assets that the company owns, and this could include things like generators. Asset Protection can also cover things like computers that are used to create schedules and make payments online. With these assets protected, the business owner can be sure that the risk is reduced.

Conclusion

In the construction industry, workers and employers need to ensure that they are covered against any sort of risk that might come their way. This includes everything from workers getting injured to having insurance for vehicles that are owned by the company. If you work in the construction industry, then you should make sure that you have the adequate cover should anything go wrong.

These common types of insurance policies are seen in companies all over the country. If you don’t already have things like Builder’s Risk or Construction Insurance then you could be putting your tools, your business and your staff at risk.