All construction companies need to have various insurance policies to protect themselves from property damage and workplace injuries; some of them may be mandatory depending upon the type of construction service provided. Construction companies should purchase insurance policies to cover the business, sub-contractors, workers, and their clients.
Typical insurance policies required are:
- General Liability
- Commercial Property
- Business Owners Policy (BOP) to cover both risks listed above GL and CP
- Builders Risk for – C.O.C Course of Construction
- Tools and Equipment to cover expensive tools used in construction
- Commercial Auto policy
- Workers Compensation