Perth, Australia – October 26, 2019 / Rakunn Designs /

As a contractor do you know it is absolutely essential to have a general liability insurance, by having a GL insurance you can cover the costs of any legal suits against you or your company, brought in by a third party as a result of injury or bodily damage caused by the employees of a business or any machinery or even at the workplace.

The construction business is a very demanding business and also more damage causing, construction insurance is available, it is called the builder liability insurance and as the name suggests it is designed for those who are working on a construction site, such as builders. It protects against injuries suffered in the workplace, accidents that may occur at work and any property damage suffered whilst on the job.

The question is, what happens if a construction worker damages property while working or as a result of mishandling the work assigned to them, or not competently handling materials and tools that have been handed to them.  They require construction liability insurance! Contractors Cover Offer all types of insurance for contractors. 

Why should I get construction liability insurance?

There are many benefits of construction liability insurance, the purpose of a good construction liability insurance is to protect your business from arising lawsuits or any damage claims that may be made against the company. These are the benefits of liability insurance:

• Your business will be covered against any injury or property damage claims.
• After a judgment has been passed the liability insurance will have you covered.
• Its purpose is to provide security towards your assets and employees.
• It will help you pay towards legal fees if necessary.
• It can protect against individual claims and protect your company in its entirety

What does it cover?

It can be used in the following circumstances;

Injury claims: if an employee has suffered an injury at the workplace, you can use the insurance towards medical costs, funeral costs, compensations, and legal fees.

Property damage claim: if a customer or employee’s property has been damaged it will be covered.

Copyright claim: you can be sued for copyright infringement by a competitor this insurance will help you.

The cost of the insurance

The cost differs for each company and is decided based on how much risk is perceived that your company can cause and the type of work that you are currently doing is also a major factor in deciding the cost of your insurance. If your business is associated with low risks than the cost of the insurance will be low, in such a situation you may not even need business owners insurance and liability insurance will suffice.

Companies that need bigger insurance coverage are companies such as roofing contractors as they perform a specialized trade and are at higher risk of damage.

The amount of insurance liability is directly related to the amount of money that is being executed by the contractor the coverage is better if it is more than the budget of the project.