Main menu


What is construction insurance? What it covers

Construction involves workers, transport vehicles, heavy equipment and other necessary materials such as bags of cement, hollow blocks, steel bars, etc. So, if you are involved in the construction industry, it is very important to take out construction insurance. Construction insurance is an important consideration for construction professionals, including builders, owners, contractors, etc. It will constitute the best protection against any liability that may arise from the construction.

The unpredictable nature of the construction industry can make you pay tons of damages during construction. Construction insurance helps cover a multitude of possible problems that arise during construction. The cost of the insurance premium would be several times lower than the cost of these issues. This is why many construction companies consider construction insurance an essential part of their construction budget.

Four main areas it covers

Construction insurance has many types of policies covering a wide range of losses occurring during construction. Construction insurance provides coverage to construction professionals against claims resulting from various types of risks in the form of accidents, theft, damage and injury. Some of the common construction insurance packages are Third Party Liability Insurance, Employer Liability Insurance, Contractor All Risks, and Personal Accident Insurance.

Liability insurance

Liability insurance covers your business when you or your employees cause bodily injury or death to a stranger or damage someone else's property during the construction process. A third party could claim to have suffered loss as a result of your negligence and sue you or your business for damages and damages. It is sometimes said that liability insurance claims run into the hundreds of thousands of dollars. A liability insurance policy helps you by covering the cost of the claim.

Take an example where liability insurance provides you with coverage. When one of your employees working on the construction site drops a piece of equipment that falls on the street, injuring a passing pedestrian or damaging someone's property. He can sue you for your employee's negligence and claim your business.

Employers' liability insurance

Employers' liability insurance covers you against the claims of your employees, if one of them suffers bodily injury or death during the construction process. Liability insurance covers your business against third party claims, while employers 'liability insurance covers you from your employees' claims.

For example: When an employee working on the top floor of the construction site falls and suffers a serious injury or dies, he or his family members can claim against your company. Employers' liability insurance can help you by paying for employee claims.

All-risk entrepreneurs

All-risk contractors insurance is designed specifically for builders, owners and contractors. This policy provides coverage for property under construction, such as a new house under construction. This policy covers loss or damage to contract work, materials and even equipment. For example, if you are building a new house, you will be covered if any of your current work is damaged. All-risk contractors' insurance may include coverage for contracted work, own factory, leased factory, and employee tools used for construction.

Personal accident

Personal accident insurance, sometimes called accident insurance, provides income if you are unable to work as a result of an accident on the job site. While personal accident insurance isn't a substitute for your full-time pay, it will at least reduce your financial worries while you recover. Personal accident insurance is very useful for self-employed traders, business partners and entrepreneurs as it is extremely difficult for them to sue their own business in the event of an accident.

For example, you are a freelance carpenter. You cut your hand and are unable to work for several months. Because you have individual accident coverage, you will receive money to meet your financial needs until you return to work.

As accidents and damage are common during construction work in most construction sites, construction insurance is certainly a big plus. Your construction project will be much safer and more secure with a good construction insurance policy. However, choosing the right insurance company is also very important. Make sure the insurance company you choose is reputable and experienced in construction insurance policies before making a decision.

Keystone Insurance Group is Ireland's leading provider of liability and commercial liability insurance solutions to Irish industry. We offer a wide range of builder insurance, construction insurance and professional liability insurance. Our Ireland liability insurance and Ireland business insurance products offer great value for money to entrepreneurs and businesses in general. Our experienced and professional team quickly prepares quotes for all categories of commercial insurance.

What is home insurance? What you should know

Most of us are totally baffled when it comes to understanding home insurance policies. Here's a simple guide to what home insurance covers and how much insurance you should have.

What is home insurance?

Home insurance covers your home and your personal belongings such as clothing, furniture and appliances in the event of fire, storm, explosion, vandalism or burglary. It also protects you and your family from liability claims.

How Much Home Insurance Do I Need?

To determine the amount of insurance you need to cover your home, ask a contractor what the square footage costs are in your neighborhood, then multiply that number by the square footage of your home. Example: If it costs $ 175 per square foot to build a house in your neighborhood and your house is 1,800 square feet, you must insure your house for $ 315,000 ($ 175 X 1,800).

If you have an older home or a custom home built with different materials from the standard homes in your neighborhood, ask a contractor to give you an estimate of what it would cost to rebuild your home.

If you live in an area of ​​the country prone to flooding or hurricanes, you will need to purchase flood or hurricane insurance, as standard homeowners' policies do not cover damage caused by floods or hurricanes.

How Much Home Insurance Do I Need?

Many policies only pay the depreciated value of your personal property and not the actual value, so make sure your policy pays for the full replacement value of that property.

Homeowner policies limit coverage for expensive items such as jewelry, furs, and artwork. You will therefore need to obtain a special rider called a “rider” to insure these items.

What about third party liability coverage?

Many policies provide minimum coverage for liability insurance, typically $ 100,000. If you don't have a lot of assets to lose, that's fine. But if you have a large asset, you can increase your coverage or purchase general liability insurance. It only costs about $ 50 per year to increase your liability coverage from $ 100,000 to $ 500,000.