Protecting Your Projects That Are Under Construction
As a contractor, you know that clients depend on you to build your projects correctly and completely in accordance with blueprints and other contract documents. Whether working on a major public infrastructure project or a simple private home renovation, you’ve agreed to deliver the project according to the terms and conditions outlined in your contract. You are responsible for each project from the moment you execute the contract until the owner formally accepts the completed facility.
Managing Your Risks
Construction companies and contractors understand that they need to manage the risks and exposures associated with the work they do. Purchasing the right types of insurance products help manage these issues that could lead to costly claims or lawsuits:
- Illness or injury to a third party while in the work zone or field
- Illness or injury to an employee in the course of doing their job
- Operation of vehicles for company business
- Theft, vandalism and destruction of materials, equipment, labor or partially completed work
- Negligence or mistakes in completing the work
These are just some of the claim exposures you’ll need to mitigate working in construction.
Covering Your Projects
Before your client accepts a project, you are generally on the hook for any damages that occur. You assume responsibility for the builders risk for home under construction. It’s critical that you have a comprehensive insurance plan that protects your projects during construction.