onstruction is one such business which involves large number of workers, heavy equipments, transport vehicles, New business opportunities huge investments of money and necessary materials like hollow blocks, cement bags, steel rods etc. The managing of building work is a very risky and damage to property, serious injuries or even death of workers, all these are very common issues. The workers risk their lives working at great heights with dangerous tools, toxic materials and heavy equipments. Hence, the above said business is connected with high amount of risk for money and lives. The minor mistake on part of the worker or owner may prove costly and may lead to a huge financial loss.
If you are a part of this industry, you must go in for particular kind of insurance related to it. It is a significant consideration for the professionals including owners, builders, contractors etc. It will definitely serve as the greatest protection against any liability that may arise out of construction process. It protects the company owners and contractors against any loss, theft or damage to the construction site, materials or even equipments, and from third party compensation litigations. As accidents, damage, thefts, and injuries to workers are very common at these sites, construction insurance is very important as it provides coverage against various construction industry related problems. Different types of construction insurance are as follows:
Builders Risk Insurance: It is very important in construction industry. It provides protection to construction company, builders and contractors in case of theft, loss or damage to materials. They can reimburse the cost of damage easily with the help of this particular insurance. This can cover new construction projects as well as remodelling projects.
Commercial General Liability Insurance: It is very much important for builders. It provides coverage to builders against compensation claims made by third parties for property damage or physical injury during the construction process. It is necessary to carry commercial general liability insurance as compensation claims can have an extreme impact on the businesses.
Employer’s liability insurance: Workers risk their lives while working in industries as they can be injured badly or may even lead to death. In these cases, the family of the worker can claim compensation. Employer’s liability insurance protects you against these kinds of compensations. It covers you against claims from your workers, if any of them suffers physical injury or death during the construction process. Public liability insurance protects you against claims from third parties.
Vehicle Liability Insurance: For transport of material, equipments and even workers, heavy vehicles and trucks are usually used on the construction site. In case of bodily injury or property damage at the construction site, the company or the person who owns the vehicle is liable to pay. This covers you against all these kinds of compensations.
imar Insurance, a leading building construction insurance provider in Australia provides obligation free quotations for construction running a business insurance. imar Insurance offers policies according to your needs and requirements for the lowest possible premiums. Explore the different construction insurance plan offered by imar at