Builder’s liability insurance is an absolute must-have if you are in the business of completing construction projects that require the use of equipment and manpower.
Must-have means that most project owners require it before considering bids. But what does builders liability insurance cover?
It covers claims against the company as a whole and individual claims of damage to property and injury to persons. In order to fully appreciate this insurance product, it will help to identify what the insurance money is used for usually.
If a worker is injured or if someone is injured as a result of the construction work, the insurance will pay any claims made by the injured party. The same is true for any equipment or property that is damaged due to building work being done.
If a claim makes it into court, the insurance money can be used to pay for attorneys fees and other legal costs. And there are other ways through which the money from insurance can be used. If you want to know usage details, make sure to ask an insurance company that provides it.
If you search for it online, you will see that there are many providers of this type of insurance. And just like anything else, they are not created alike. Definitely, there are www.tradesmansaver.co.uk insurer that provides better protection than others. However, they are not cheap as you might expect. But then again, you are guaranteed to get what you pay for.
What you want to do is get a quote from at least three insurers and compare their premiums and extent of coverage. The actual premiums you pay depends on the risk inherent in the construction work.
You might think you don’t need builder’s liability insurance, howe, the truth is that practically all project owners require them of their builder’s.