As construction risks continue to evolve, there comes the necessity to review your construction coverage and ensure it offers your business the best possible protection from potential exposures.
The basic coverage you need is:
• Construction All Risk: An all-risk policy that covers buildings or projects against fortuitous, accidental risks of physical loss or physical damage to contract works during construction, third party liabilities and the advance loss of profits.
• General liability: Your first defense against accidents, injuries and property damage – as well as backup for greater risks
• Excess liability: Additional layers of liability coverage above and beyond your initial limits provided by your general liability policy.
• Builders Risk Insurance: Protects your materials, fixtures and/or equipment in case of damages; can also extend to theft, labor costs and earned profits, natural and man-made disasters and negligent workmanship.
• Workers’ compensation: Provides coverage to employees for injuries and accidents that occur while they’re on the job. This is a critical piece of coverage in a dangerous business where accidents can be common despite strict safety procedures.

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