Even if you strive to create a good health and safety based working culture on your construction site, accidents and mistakes can still happen. These accidents may result in injury to your workforce and the general public or damage to equipment. Any type of accident can lead to significant delays in the completion of a job. That is why it is essential that you are adequately insured. Below is a guide to three types of coverage which may be suitable for your construction company.
Employee Compensation Insurance
This insurance protects your construction company from compensation claims made by your employees and contractors. Due to the factors such as heavy machinery, working at height and power tools, construction is a risky sector to work in. Past research has found that 10% of employee compensation claims in Australia are made by people working in the construction sector. This means that it is highly unusual for a project to process from the start point to the end without at least one member of your workforce making a claim. Employee compensation insurance will cover the cost of lost earnings and medical expenses for injured employees.
Professional Indemnity Insurance
Once your company has finished constructing a building, and it is opened to the public, you can still face insurance claims. As the company responsible for the quality of the construction, you may still be judged to be responsible for any defects or incidents which occur as a result of negligence or shoddy work. Professional indemnity insurance will protect your company from these claims.
Public Liability Insurance
The type of insurance policy is designed to offer coverage against any injury or damage which occurs as a direct result of construction operations. For example, if a crane is not loaded correctly and the material it is lifting falls to the ground below, it could result in injury to anyone walking in the street below or to parked cars. In the event of an accident such as this, the party which has been injured or has its property damaged would file a compensation claim against your company. Your public liability insurance would cover this claim.
Now that you are aware of the 3 key type of construction insurance, you should contact a professional insurance broker who will be able to put policies in place which will help to protect your company, your workforce and the general public. For more information call your local insurance broker today.
Hello! My name Martha and this is my money advice blog. I never used to be very good with money but all of that changed when I met my wonderful husband Mike. Mike trained as an accountant and works for a big city firm so he knows all about cents and dollars. He also knows the best way to invest money to ensure that you get the best possible return on it. I have learnt so much from Mike that has proven useful in my life that I decided to start this blog to offer money advice to other people.