Construction sites are fraught with dangers, so there is always the possibility of accidents resulting in property damage or injury. Rest assured, Debbie Klisch, Southern Colorado Insurance’s own certified construction manager, is here to help with all of your construction insurance needs.
While professional liability insurance can protect you and your business from lawsuits from dissatisfied clients, you'll need additional coverage to protect against other types of claims. Two of the most common types of policies used in the construction industry are general construction insurance and wrap-up insurance. Here's what you need to know about these categories of insurance.
About Construction Insurance
This type of insurance coverage protects you and your business in the event that your work causes damage to neighboring properties or injuries to passersby. While workers compensation insurance will cover any injuries your employees suffer while on the job, it doesn't extend to members of the general population who may trip and fall near your sight or get injured by falling debris. This aspect of coverage can also be applied to any damage to vehicles or buildings in the area, covering the cost of any necessary repairs.
About Wrap-Up Insurance
Wrap-up insurance is a unique category of insurance that generally falls into one of two categories: owner-controlled or contractor-controlled. In many cases, the owner of the construction project, typically your client, will provide this coverage to benefit all builders and contractors listed on the project. However, if you choose to employ subcontractors over the course of the project, you'll want to have contractor-controlled wrap-up insurance, as these workers will likely not be covered under an owner-controlled policy. Having additional coverage in place will ensure your business is fully protected.
Get Started with Construction Insurance and Wrap-Up Insurance
To learn more about these coverage aspects that your construction business will likely need, contact our certified construction manager, Debbie Klisch, here at Southern Colorado Insurance. She'll be more than happy to answer all of your questions and get you set up with a robust policy to protect you and your business. It all starts by calling our office at 719-329-4441, so reach out today for all your construction insurance needs.