To be successful, a contractor needs to purchase construction insurance in Wayne, NJ. Finding the right insurance package may protect the company from many unfortunate situations where legal action is required. From accidents to damages, problems arise in the construction field that can be resolved easily with the right liability policy.
What Is Construction Insurance?
Construction liability is an insurance policy that protects the contractor when problems arise from a building job. Whether the problem is a worker getting hurt or a miscommunication in how to complete the job, having insurance can prevent the company from becoming involved in a costly legal battle. Liability also usually covers the theft of expensive company tools and vehicles, keeping a company from spending a large sum of money to replace the items.
Which Types of Coverage Are Included in Construction Liability?
A good construction insurance policy will cover several different potential risks. Some of these risks are listed below.
- Umbrella insurance
- Damage liability
- Theft liability
- Builders risk insurance
- Errors and omissions insurance
- Employee practices liability
Because contractors deal with many people for each individual job, having a variety of policies to protect the company is beneficial. Contractors looking for construction insurance in Wayne, NJ should look for liability that covers as many situations as possible.