Are you an independent contractor accepting various construction projects? If you want to make sure your business is protected against future loss, theft or damage to property, either at the construction site or from a third party liability claim, find out the different types of construction insurance you may consider as part roller insurance.
Builder’s risk insurance
This type of insurance offers protection coverage to all individuals or company owners who are engaged in building or construction in the event of loss, theft, damage to materials, units or equipment used. Under the builder’s risk insurance, the builder, contractor or owner of a construction business can file claims for damages. It can also cover sub-contractors, their equipment and other units used for the project. This type of insurance policy can be part of contractor’s general liability insurance.
Commercial or general liability insurance
Another type of insurance policy that builders may consider to protect themselves against third party claims like property damage or physical injury that occurred while the construction project is underway is commercial or general liability insurance. It can also cover legal fees that the policyholder must pay in the event of a lawsuit. General liability can also cover medical bills claimed by a third party due to a physical injury.
One of the types of insurance policies that you add to your roller insurance policy is the workers compensation insurance where protection is extended to all hired workers in the event of an injury, death or acquiring an illness while at the construction site. This type of insurance policy assures workers that they receive the protection they need to be fully compensated and therefore not motivate them to sue the employer. Among the fees that workers compensation may cover is:
Cost of medical treatment of a worker who was injured
Compensation due to disability
Medical bills for rehabilitation treatment
Compensation to the family members of a deceased worker
Auto liability insurance
If you own a good number of trucks, equipment and machinery like the roller you should also consider adding auto liability insurance to your existing roller insurance as rider coverage. The extent of protection is mostly for cases of physical injury, property damage or losses that resulted from the use of the roller. It also offers protection for all legal expenses if the owner if sued.
Contractors pollution insurance
When using the roller on the road, expect it to emit gases that can cause pollution. The contractors’ pollution insurance policy covers liability due to the harm done to the environment. If the contractor is sued for pollution liability, this insurance provides protection to all third party claims dealing with pollution complaints.
Are you ready to make a final decision for what other add-on insurance coverage you will buy together with your roller insurance? If you still find it hard to choose from the above types of insurance policies, I advise you consult a licensed insurance broker whose area of expertise is in construction equipment and machinery.