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
For example, you are a freelance
carpenter. You cut your han
d 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

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.

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