Construction Insurance in Stratford, CT

Construction insurance is crucial to managing a construction business. It can help offer financial protection against various risks that can arise during projects. This type of insurance typically encompasses several coverages tailored to meet the needs of construction companies, contractors and subcontractors.

Types of Construction Insurance

Construction insurance typically includes the following types of coverage options:

• General liability insurance—This coverage can financially protect against third-party claims of bodily injury, property damage and personal injury. It is essential for any construction business as it covers legal fees, medical expenses, and settlements or judgments.

• Workers’ compensation Insurance—This insurance is required in most states and can assist with covering medical costs and lost wages for employees injured on the job. Additionally, it can provide benefits to the families of workers who experience fatal injuries.

• Commercial property insurance—This coverage protects the physical assets of a construction business, including buildings, equipment and tools, from risks such as fire, theft and vandalism.

• Builders risk insurance—This specialized coverage protects buildings under construction and materials on-site from damage caused by events like fire, wind, theft and vandalism.

• Professional liability insurance—This coverage protects against claims of negligence, errors or omissions in the professional services provided by the construction business.

• Commercial auto insurance—This insurance can help cover vehicles owned or used by the construction business, protecting against accidents, theft and damage.

Importance of Construction Insurance

Construction projects are inherently risky, with potential hazards ranging from workplace injuries to property damage and legal disputes. Without adequate insurance, a construction business could face significant financial losses that could jeopardize its operations. Construction insurance offers a financial safety net, helping to ensure that the business can recover from unexpected events and continue to operate smoothly.

Learn More

For insurance near you, contact AJ Gambardella Associates, LLC today.