Anyone who has worked in the construction industry for long knows that there are a ton of serious risks attached to any given day. In order for you to stay safe while on the job and protect the contractors and subcontractors who work for you, it is vital that you take out a comprehensive insurance policy. For many, a general liability plan can be a great start. Knowing the in-depth intricacies of such a policy can help you know what additional coverage you may require.
Understand the Basic Points
One key aspect of owner-builder liability insurance is that it will cover most of the risks associated with property damage. However, it will not typically cover any damage that is done to the equipment. In most cases, this type of plan is structured to cover explosions, fire, and disasters that can be caused by external work. This type of protection is vital for the construction industry because it helps reduce the odds of an unforeseen problem causing a significant financial loss. Additional points covered by this policy include:
- Injury caused to someone visiting the property
- Employee-related damage to property
- Injury caused to employees
Review All of Your Options
When it comes to your insurance, there are several ways to make sure you are covering all of your bases. Take time to review your options and see if a general liability plan is enough to keep you protected against whatever is in store.