Four Fundamental Construction Insurance Coverages You Should Know

Are you looking for construction insurance in Wayne, NJ? Here are four types of coverage’s you should consider when searching for the right policy for your business.

General Liability

Also known as commercial general liability (CGL), it provides coverage for legal and medical fees resulting from site accidents where a non-employee is hurt, or their property is damaged. CGL is probably the most common type of coverage for contractors and business owners overall.

Professional Liability

If you’re a builder-designer, you should know that general liability does not provide coverage for designs. In order to keep your business covered in case of lawsuits resulting from your designs, it will be necessary for you to also carry professional liability insurance.

Contractors Pollution

This policy provides coverage if pollution from your construction project causes injury to a non-employee or damage to their property. You can also use funds from this policy to make purchases that can help limit pollution.

Builders Risk

Builders risk insurance covers your business in case of any damages caused by fire, explosion wind, or hail among other incidents. Since disasters, natural or otherwise, are unpredictable, its good to have builders risk included in your policy.

In such a high-risk environment, keeping your business protected is key to your long-term success. When searching for construction insurance in Wayne, NJ, make sure to understand the exact types of coverage you will need before finalizing a contract.