If you are in the construction industry, you understand the potential risks of a building project. If you want to limit specific exposures that could cause your company any financial strain, purchasing a construction liability insurance policy is one way to add additional security. Here are three reasons why this insurance coverage is essential.
1. Property Damage Protection
A construction liability policy often covers damage that may occur to site property. If a project encounters damage from fire, explosion or underground work, then this policy may offer reimbursement.
2. Personal Injury Coverage
This insurance option also protects individuals from any personal or bodily injury that may arise during construction. It is also useful in ensuring the contractor when accused of negligence or the reason for someone becoming injured.
3. Advertising Protection
You can also protect your company from the financial costs associated with lawsuits and false advertising. If you have an effective liability insurance policy, you are also protecting yourself from potential cases involving slander, copyright infringement and libel.
Having a construction liability policy is vital to the security of your construction project. When you are adequately insured, you can avoid any unnecessary stress and the potential costly damages associated with legal fees, personal injuries, medical bills and property damage.