Construction Insurance – How it can be beneficial in helping you gain contracts?

The construction industry is one of those industries which are sadly prone to accidents due to the nature of their tasks which are usually of high risk. There can be several types of injuries when people work at height or with some heavy machinery as these are more dangerous as compared to other occupations. In fact, statistics reveal that 3% of all the construction workers face any kind of work-related injury at least once in every year and these statistics usually get reported. Between 2015 and 2016, more than 45 workers got fatally injured within the construction industry. 

With such morbid figures, it’s easy to say that there is a dire need for protection and insurance. This insurance for construction industries is specially designed so that they can cover the workers against fall and injury. Construction liability insurance helps cover vital aspects like product liability, public liability, and legal expenses as well. 

Construction insurance – Why get one?

Who knows when an accident can happen? The respective business is liable for any accident that occurs at the site of construction and henceforth the business owner or contractor will have to pay for the costs of medical treatment of the injured or even have to provide compensation to the families in case the worker died. When there is construction insurance, the insurance company will offer you assistance.

If the construction is done in a poor way, the buyer can sue the company which is involved with constructing the building. During such an instance, you would require paying for remodeling or fixing the building. Having coverage on construction insurance can safeguard the companies from having to pay these claims. 

Construction Insurance – Areas covered

There are various areas which are covered by construction insurance and few of the major areas are as follows:

  • Personal accident insurance: The sole proprietors, managers and business partners can easily benefit from such insurance types. When the person who is injured can’t blame anyone else for his injuries, this is profitable enough. With the insurance, the injured person can’t make money out of an unfortunate situation.
  • Public liability insurance: The construction industry requires interacting with people and this is why they need public liability insurance as well. During the event of a damage done to third-party properties or to other people, this insurance can help in many ways. 
  • Employers liability insurance: There are lots of risks in the construction industry. A little bit of negligence of supervisors and co-workers can lead to big injuries. Since the employers are responsible for maintaining good health of their employees, it is vital to have an employers liability insurance. During the event of an accident, the employer can stay safe since the insurance company will start paying for medical and compensation costs. 

Therefore, when you’re eager to start off with your construction business, make sure you invest in the appropriate insurance policies as having the right insurance will help you in gaining more construction contracts.