What Exactly is Construction Insurance

1
Pamphile Insurance Brokerage, LLC
2
What Exactly is Construction Insurance

• In order to prevent construction accidents from
  damaging your building and its fixtures, its
  important to take the necessary precautions
  before construction begins. One of these
  safeguards is buying construction insurance in
  New York City, or anywhere else in the state for
  that matter. Why should you consider buying this
  type of insurance? How do you know which policy
  is right for you? Read on to find out!

3
1) What Is Construction Insurance?

• For contractors who engage in commercial
  construction projects, one of their biggest risks
  is an accident. In order to protect your business
  from potential losses, its important to
  understand what construction insurance coversand
  what it doesnt. The basic idea behind
  construction insurance coverage If a worker gets
  injured on site and cant return to work for at
  least 30 days, you could be out some money. This
  will likely lead to a dip in revenue and more
  expenses on your end as well. That said,
  construction insurance policies generally dont
  cover every single kind of loss you might face
  while working.
• Natural disasters resulting in property damage
  Negligence or acts of workers damaging someone
  elses property Equipment theft Intentional
  injury or damage caused by customers Driving
  accidents Liability-based injuries Not all
  policies are exactly alike thats why its so
  important to know exactly how much construction
  insurance coverage (for things like equipment)
  youll need before diving into specific policy
  details. Also keep in mind that most companies
  offer special pricing plans when purchasing
  multiple years worth of coverage at once.

4
2) Why Do You Need It?

• When youre a contractor, there are many types of
  insurance you can invest in. You may have thought
  about property insurance, general liability
  insurance, or even workers compensationbut what
  about construction insurance? Although it seems
  like a no-brainer, construction and commercial
  contractors dont think to buy construction
  insurance until they need it.
• Learn what exactly construction insurance covers
  and why your business should consider investing
  in it. Here at Pamphile Insurance Brokerage LLC,
  we provide construction insurance so that your
  business doesnt have to go without coverage in
  case an accident happens. With our expert team,
  you know that your policy will be covered from
  top to bottom! Call us today for more
  information [phone].

5
3) How Does It Work?

• Construction insurance, or builders risk
  insurance, offers coverage against liability if
  someone gets hurt on your property during
  construction. It also protects you if damage
  occurs to neighboring structures and possessions.
  In order to qualify for a policy, you must be
  actively working on construction of a building
  homeowners whose house is under construction
  wont be eligible. For commercial buildings,
  there are three main types of insurance
  contractors all-risk coverage, builders
  all-risk coverage and named peril coverage.
• Although they cover different things and offer
  different amounts of protection, they can also be
  purchased together in whats called comprehensive
  builders risk coverage. Each type may have
  exclusions that exclude some risks from being
  covered (such as pollution) so its important to
  read through each one carefully before choosing
  which kind best fits your needs.

6
4) If A Builder Doesn't Have Their Own Policy

• When youre in need of a new home or just about
  any kind of construction work done to your
  existing property, its important to be aware
  that all construction workers are legally
  required to carry their own insurance. If they
  dont have their own policy and something happens
  on site, thats when things can get messy. Its
  also worth being aware that some contractors and
  builders may not even have insurance, which is
  illegal. If so, then youre taking on an
  uninsured risk as well as a legal liability
  should anything go wrong.
• Ive Got My Own Policy Even if a builder does
  have their own policy, its wise to check what
  exactly is covered and what isnt.

7
Contact Us

• Address 70 East Sunrise Highway Suite 500 Valley
  Stream, New York 11581
• Email wpamph_at_gmail.com
• Phone [phone]
• Website https//wpinsurances.com
• Blog https//wpinsurances.com/what-exactly-is-con
  struction-insurance/