Understanding Contractors' General Liability

​Not only do houses and homeowners need to be secured, but developers and contractors must also have access to ensure the safe completion of projects. Construction insurance might provide the ease of knowing that both the contractor and project owner can expect a risk-free transaction while working.

Risks and Types of Insurance

1. Delays in Work Progress
   Caused by weather conditions, tool defecting, and other man-labor issues. In this case, the Commercial and Contractor General Liability Insurance might save the projects' impediment.
   
   
2. Defects in Tools and Inefficiency
   Low quality of materials and labor may affect the outcome and result in substandard work. The Builders Risk Insurance may have this covered and may protect the building from any damages.
   
   
3. Theft and Damage to Equipment
   Unprotected open areas attract thieves, resulting in stolen or damaged tools and delaying the process. An option for this can be Inland Marine Insurance.
   
   
4. General Contractor Agreements
   Many situations may arise on site, including accidents, injuries, and other instances. The most suitable for this is the Contractor License Bonds, which may ensure that the parties involved are protected.

Bonds Between Project Owners and Contractors
Bonds are kinds of agreements that ensure the completion of projects. There are several things to look out for when coming to terms with this kind of bond. Listed below may be included in some occasions:

• Analyze the needs of the construction and what sizable amount of labor must be done, and materials to be used.
• Obtain bids and apply for a contractor bond.
• Once approved, completion of the project must be foreseen.

Laborer's Compensation 
Like any other employees, construction workers must have insurance too. Their physical work must be ensured that the contractor and project owner cover any accidents. The Worker's Compensation Insurance might provide that for the general liability insurance between parties involved.   

Conclusion
Any kind of work must be insured, adding the ease of knowing that the contractor and project owner may benefit from each other. Construction insurance is important to assure that both parties may secure their end goals and achieve a risk-free yield.

At Leigh Insurance Agency, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (904) 826-0799. You can also request a free quote by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!