3 Types of Business Insurance for Construction Companies

Construction companies work under extreme conditions for long periods of time. They also often work on highly lucrative projects that can easily backfire should complications arise. A construction company can benefit from liability insurance, flood insurance and a builders risk policy in New Jersey.

  1. Builders Risk Insurance – A builders risk policy is important for any construction company to have. This type of insurance covers the structure during construction, including damage from vandalism and weather conditions. It also covers materials and equipment from theft. Due to the nature of construction projects, having builders risk insurance is crucial in order to help ensure a successful project.
  2. Liability Insurance – Liability insurance protects employees against injuries and accidents and protects the construction company against property damage. Construction sites generally have a large number of workers all focused on different aspects of the larger project. Injuries and accidents are almost inevitable, and property damage can occur relatively easily.
  3. Flood Insurance – Because construction projects generally take a long time to complete and construction sites are filled with important equipment, it is a good idea to have flood insurance. Not only will this protect the company against site-specific damages, but it will also provide security against destruction of or damage to the work-in-progress, which is generally under contract.

Business insurance can provide construction companies the coverage they need, such as a builders risk policy in New Jersey. For a construction company to succeed, it is imperative that it takes necessary precautions in order to protect its employees and projects.

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