When it comes to construction, insurance is key. Several of the most important coverage types of construction insurance in Wayne, NJ are coverages for property, liability and workers compensation. General contractors and artisans alike can find coverage that will limit their risks and liabilities and allow them to focus on the project at hand.
Workers compensation can be particularly crucial within the construction industry, given the relatively high risk of on-the-job injury that employees often face. Surety bonds are also available, and can make all the difference by providing for general contractors’ successful completion of a project. Not all insurance providers will offer equally high-quality bonds of this type, so be sure to look carefully at the surety bonds a given company makes available. Ideally, surety bonds take care of a number of the liabilities general contractors face by serving as a contract ensuring that they will get the job done as agreed. For example, a payment bond ensures that the contractor pays the subcontractors and laborers their agreed-upon pay. In this way, surety bonds help to ensure that the project is completed as promised, protecting contractors from claims and lawsuits.
In the end, proper construction insurance in Wayne, NJ involves a number of types of insurance coverage. Depending on whether you are a general contractor, artisan or construction company, you will require a different portfolio of coverages. An experienced insurance provider will be able to assist you in identifying your specific needs and liabilities so as to get the coverage you need.