Contractor Insurance Alabama
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Construction liability insurance could be used in the following circumstances:
- Injury Claims – The policy could be used to pay for medical expenses, funeral and court awards. This coverage is not a worker’s type of coverage. Damage Claims
- Insurance will protect when your company damages the customer’s property or your business is responsible for your inability to use that property. Product Claims
- Claims related to damage caused by equipment installed by your company can be managed and addressed through liability insurance coverage. Copyright – If you own a design or product, you can sue for copyright infringement when it is very similar to your competitors.
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The cost associated with your liability insurance will depend on the perceived risk with the type of work you are doing. If you are in a low-risk business, you may want to consider coverage under the Business Owner Policy rather than liability insurance. Typically, the commercial contractors with the highest risk of damage, e.g. the roofing contractor, or contractors who perform highly specialized operations are the ones with the highest insurance coverage. Indemnity companies charge policyholders a modest payment and monthly fees to finance premiums from six months to a year. The amount of liability insurance is directly related to the amount of money the contractor is executing, and it is recommended to have insurance coverage of two or three times the amount of construction project budgets.
Construction liability insurance also has its limitation. You should set limits for each event and limits for added values. Limitations are also set for fire damage to construction property, as well as medical expenses for workers injured in the workplace that may not be covered by workers’ compensation. Covered damages also include liability for personal injuries and advertising. These are lawsuits arising out of claims that the contractor’s promotional advertising caused the homeowner or other interested party to suffer a financial or personal loss. No matter how big or small the job, in construction operations, having adequate liability insurance is always the best policy.
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