General Liability Insurance for Contractors is not included in a Builder’s Risk policy. These two types of insurance serve very different purposes. Both are very valuable for your construction business.
Insurance is an investment in the future sustainability of your business. When it comes to liability claims, these can run into millions. Without coverage your company is unlikely to survive. Builder’s Risk insurance also protects your investment. It ensures that if a loss event occurs, you have the means to continue with your project.
This insurance is specialized coverage. Some of the properties of Builder’s Risk Insurance are:
In contrast, liability covers you if you are sued for negligence that results in damage to another person or causes them bodily injury. It also covers the costs of your legal defence. The damages covered by General Liability are:
General Liability Insurance is mandatory.
It is important to note that neither General Liability or Builder’s Risk Insurance covers employees if they are injured in the course of their work. Employees are covered by Workers Compensation. It covers medical care costs and assists with loss of income when an employee cannot work as a result of their injury. This coverage is mandatory and if you do not have it and an employee is injured, you will face penalties.
General Liability is very necessary for your construction company. As discussed, however, it only covers you for some of the risks you face. At Builder’s Risk.net we can write you a Builder’s Risk policy that protects your financial investment in your project. Call Builder’s Risk at 877 960 0221 and get the right coverage at the lowest rates.