Construction is a dangerous profession, and there are so many things that can happen on a job site. From property damage to employee injuries, there is always a risk involved. This is why insurance is so important in the construction industry. This blog post will discuss the different types of construction insurance policies that contractors need to know.

1. Professional Liability Insurance

Professional liability insurance provides protection against claims that result from mistakes or omissions made by the contractor or their employees. It covers the costs of legal fees, settlements, and judgments. Professional liability insurance is important for contractors who provide design or consulting services. It is best to contact an insurance service provider to learn more about General contractors insurance in Decatur GA, to get the best coverage.

2. General Liability Insurance

The most important type of insurance that contractors need to have is general liability insurance. This type of insurance protects the contractor against claims of property damage or bodily injury that occur on the job site. For example, if a worker accidentally damages a client’s property, general liability insurance would cover the cost of the damages.

3. Workers’ Compensation Insurance

Another type of insurance that contractors should have is workers’ compensation insurance. This type of insurance provides benefits to employees who are injured or become ill as a result of their work. It covers medical expenses, lost wages, and rehabilitation costs. Workers’ compensation insurance is required by law in most states, and failure to have it can result in penalties and legal action.

4. Commercial Auto Insurance

Lastly, contractors who use vehicles for their work need to have commercial auto insurance. This type of insurance covers damages or injuries that may occur while the contractor or an employee is driving a company vehicle. It also provides protection in case of theft or damage to the vehicle.

To Summarize

As you can see, there are several types of insurance that contractors need to have to protect themselves and their businesses. If you are a contractor, it’s important to know what insurance you should have and work with an insurance provider who can help you understand your options and find the policies that are best for you. With the right insurance in place, you will have peace of mind knowing that your business is covered in case of an accident or incident.