Having the right amount of insurance is non-negotiable in the construction business. Here are five popular coverages you should be aware of when searching for insurance for contractors in Clifton, New Jersey.
Commercial General Liability
CGL is the most popular type of construction insurance. It protects your business against any lawsuits or fees resulting from injury to a non-employee or damage to other property.
If you are planning on working as a designer and builder on a particular project, then you will need professional liability insurance to cover your design. CGL typically will not cover the design portion of your role.
In case of any misfortune (natural or otherwise), builder’s risk insurance protects the structure as well as your materials. Events covered include fire, wind, theft, hail, explosion, and vandalism.
Umbrella liability picks up where CGL leaves off. If you’re working on a larger project, it will cover payments for any incidents after you’ve reached your CGL policy maximums.
Contractor’s pollution coverage protects your business in cases where pollution from your project causes harm to a person or property. You can also use it to cover the cost of limiting the pollution from your project.
When searching for insurance for contractors in Clifton, New Jersey, be sure you get coverage that’s appropriate for your company’s needs. You don’t want to leave any parts of your business exposed in such a high-risk environment.