Common risk areas in construction work
Whether running a small or a large construction company, the following risks are a great threat to your income and future of your company unless one has a construction insurance policy:
Dropping of construction tools and materials
When working in a construction site, accidental dropping of tools, stones and pieces of metal can occur. This can cause extensive damage to properties on the site or in the neighbourhood resulting in huge compensation claims. Worse still, is when the tools or materials fall on passersby causing bodily harm or even death. Medical and legal fees are damn expensive not to mention the worst case scenario human life compensation.
Risks to workers
Modern construction involves climbing to high heights and excavations. This requires workers to make use of cranes and scaffolds that could fail any time. Failure of these construction machineries and other employees’ accidental falls may lead to serious injuries that could result in permanent disability or death.
Damage and loss of equipment
Loss of construction equipment and damage may have serious financial implications due to stalled work as well as replacement expenditure.
Who should apply for construction insurance?
If running any of the following construction businesses, you need to apply for construction insurance urgently:
- Heavy construction contractors
- Speciality trade contractors
- General building contractors
- Demolition contractors
- Property developers
- Civil engineering contractors
Coverage options available
The following construction insurance coverage options are available to protect your income in the construction industry:
This policy covers the medical and legal fees incurred for third party injuries, while providing full compensation in case of death. Also, damage of property is covered.
This policy benefits you and your employees as well. You do not have to dig deep into your savings to meet medical, legal and compensation fees for injured or dead employees due to construction work related accidents.
Erroneous advice, perceived professional negligence and mistakes may lead to compensation claims that are fully covered in professional indemnity policy.
Equipment breakdown policy
You cannot predict when the construction equipment is likely to breakdown or get lost. However, you can protect yourself from financial loss related to damage or loss of equipment by applying for this insurance cover.
Delay in start-ups
Most of construction contracts are time bound meaning that the project has to be concluded within a specific time frame. There are several factors that are beyond your control that may delay the beginning of the project. Protect your company from possible financial losses with a delay in start-ups constructors insurance.