Types of Insurance for Construction Workers
If a 3rd party which is at or around the building site gets injured, then this type of injury will be covered by the public liability insurance.
Builder warranty insurance is required for the building contractor to obtain for every project they work on that exceeds $12,000. This should not be overlooked by a contractor since it is a mandatory insurance.
The mobile plant and equipment insurance ensures that all your mobile plants and building equipment are protected at the time of damage and also throughout the term of the policy.
Construction insurance, contract works insurance or construction all risk insurance protects people renovating, building, or extending their home. The coverage of this insurance protects builders from risks encountered during the construction and building process. This includes weather related damages, fire, issues with their workers or workmanship, etc. Read more on risk consultants.
Professional indemnity insurance covers members of a particular profession that adhere to a code of practice and have minimum educational stipulations or requirements. This covers any loss from the conduct of consultants or sub contractors if under the insured’s direction they would not be covered themselves.
Directors and officers insurance deals with the civil liabilities those directors can incur personally. This protects people in these positions against wrongful acts during the period of capacity.
If you decide to build your own home, you should ensure that you are correctly covered for any accidents that may occur during the process. Below are some of the coverage that you need to have. See more on home construction insurance.
The public liability insurance protects owner builders from injury to 3rd party at or around the building site.
The personal accident or volunteer’s workers insurance covers the owner builder from any injury or damage should they choose to assist the workers during construction. This cover can also extend to the owner builders family and friends or up to 10 volunteers on site for a nominal premium.
There are all the tools you need to go and choose the right cover for yourself and your company. If you need help to find the right cover, you can go to the websites of certain insurance brokers. You can talk to them about owner builder insurance, home warranty, trades insurance and much more. Just visit the website of insurance brokers for more information in getting the right insurance for your needs.
It is important to realize that every construction site and every construction project faces different risks. Therefore, they must be covered for different risks. An owner builder insurance policy good for one site may not be good for another. It is important to get several online quotes before choosing an insurance provider. See more at https://en.wikipedia.org/wiki/Insurance.