Why insurance is important in the construction industry
Construction involves huge investments of money and man power. Workers within the industry risk their lives on a daily basis with heavy equipment and machinery as well as using potentially hazardous materials and working at great heights. Even the slightest negligence within a job could be an extremely dangerous and very costly mistake. That is where construction insurance North Wales can save your bacon. Construction insurance is specifically tailored to your needs as a business which will cover you in the event of a personal injury or property damage. Construction insurance not only covers the company owner but also, workers, sub-contractors, tenants, business partners and sole proprietors, making construction insurance a no brainer.
Why you need construction insurance
It’s a given that accidents can happen and at any given time. In the event that an accident was to occur, the business in charge of the construction site will be responsible in paying for any medical treatment costs or compensation for their families if such an event happened. This can be very costly if you didn’t have construction insurance in place. So for peace of mind, if anything was to happen by having construction insurance you will be protecting yourself if something was to happen in the future.
In the instance of poor construction, the buyer of said property could sue the construction company. When this happens you will be expected to pay for any fixing, remodelling and building costs that it may bring. Construction insurance in this case can save the day with your insurance company providing you financial assistance.
What’s different about construction insurance
Construction insurance is different from all other insurances as it will ensure you are covered fully. A lot of insurance companies will only offer you standard business insurance which may cover some aspects of your business but not others, so it is important you get insurance that is tailored to your business needs.
Some areas that can be covered by construction insurance are:
Personal Accident Insurance
Personal accident insurance can be benefitted from business partners, managers and sole proprietors. This type of insurance can be useful when there is no other party to blame for the accident, meaning injuries would need to be claimed for on the businesses insurance. Personal accident insurance can provide financial assistance in the event that the injured person cannot earn money.
Employers Liability Insurance
The construction industry is dangerous and anyone within it can sustain injuries or die due to the negligence of other co-workers, supervisors or because of defective equipment. Employers have the responsibility of the health and safety of all it’s workers on the construction site. In the event of an accident, employees can sue their employer or demand compensation, meaning employers would benefit from construction liability insurance as the insurance company would pay any compensation or medical costs incurred.
Public Liability Insurance
Employers should get public liability insurance due to the interaction with other people. It covers the business in the case that any damage to other people or third party properties from tools or equipment used in the construction process.
