Insurance: Protecting Yourself, Your Loved Ones and Your Assets

Determining whether you need a civil contracting insurance

Before engaging anyone in a construction project, it is essential to make sure that they have the right permits and liability insurance. The process of building or remodelling involves a lot of risks, and as such, it cannot be left to chance. Civil contracting insurance covers the contractor and all their employees from various risks which are associated with their work. Some of the circumstances where this insurance coverage will be needed include the following.

Possibility of personal injury claims

The insurance cover comes in handy when workers make personal injury claims as a result of accidents in the workplace. It covers expenses such as funeral costs, compensations which have been awarded by the court and medical expenses. The insurance, however, does not work as a form of workers compensation. If the work you are starting involves high risks such as falling and other injuries, it is best to get this insurance.

Possibility of claims from property damage

There are some construction projects which involve a high risk of property getting destroyed. For instance, if the project includes demolition, there is a possibility that some damage may occur to neighbouring structures. It is, therefore, best to get insurance coverage because it will pay for the damages and avert situations where people who live close to your business have to take you to court to get compensation from you.

Possibility of product-related insurance claims

If your company is involved in the fabrication and installation of heavy equipment, you should be ready for the possibility of one of the products falling below standards. It could happen because there was a fault in the manufacturing process or due to other factors. When it does, you have to make sure that you have a compensation plan, and civil contracting insurance is the best solution. 

These are a few of the situations where your civil contracting insurance will come in handy. Another situation where the cover may be needed is when there are patent and copyright-related claims. If your company owns a patent to a particular product, and you fear that it may be exposed to infringement, your insurance cover will cater for the financial losses that you incur when pursuing an infringement claim.  It is important to note that the insurance cover helps you and everyone who works for you to get comprehensive cover against the mentioned liabilities. As such, you have to take your time and shop around for the insurer who gives you the best services for your money.