Construction Insurance Basics You Should Know

Are you searching for construction business insurance? Working with the right Newton Construction insurance agency can go a long way in helping you get the coverage you need. Here are the basic coverage types you should be aware of when starting your search.

1. Commercial General Liability

Commercial General Liability (CGL) provides protection any legal or medical fees resulting from damage to property or injury to a third party. It is the most well-known type of coverage among contractors.

2. Professional Liability

If you’re working as a designer-builder on a project, CGL will not provide any coverage for the design. In order to have ample coverage for such cases, you will need to also carry professional liability insurance.

3. Umbrella Liability

Your CGL policy will most likely have a maximum benefit payout. In the event that you require additional benefits, umbrella liability insurance will provide coverage beyond the CGL limits.

4. Contractor’s Pollution

Contractor’s pollution insurance covers your business in case pollution from your project causes injury to a third party or damage to property. You can also use these funds to cover the cost of limiting possible pollution.

5. Builder’s Risk

You can’t predict when disaster will strike. With builder’s risk insurance, you are covered for any damages caused by hail, wind, fire, explosion, theft, or vandalism.

Limiting exposure to risk is a key factor in the success of your business. Finding the right Newton construction insurance agency can ensure that your coverage meets your needs.

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