What is Covered Under a Construction Insurance Policy?
There are several coverage options that your insurer typically offers:
Commercial Liability (CGL) Insurance:
Also known as general liability insurance, CGL insurance covers third-party bodily injury and property damage. It typically covers medical, repair/replacement, and legal expenses.
Builder’s Risk Insurance:
Builder’s risk protects you for the entire project and covers the building, materials and losses from property damage from perils, such as fire, vandalism, and theft.
Commercial Property Insurance:
Business contents insurance, or commercial property insurance, secures your business premises and contents from certain natural disasters, including fire, theft, and vandalism.
Tools and Equipment Insurance:
Construction tools and equipment are pricey and if stolen or damaged, could turn your business upside down financially. This type of insurance may reimburse repairs or replacement tools and equipment due to theft, fire, severe weather, and other incidents.