Builders Insurance Requirements

Finding coverage for subcontractors that provide specialized services can cause challenges. On most projects, independent contractors, such as painters, carpenters, landscapers, electricians, concrete contractors and even asbestos removal contractors, do the vital components of the project. It is hard for insurance companies to put a value on a construction project because the value goes up and the building goes up. Buildings that are under construction are more at risk for fire, vandalism and water damage. Every sub-contractor that is on the site can be liable for their components of the project. Builders Insurance 
Being in the construction industry you are aware that accidents happen every day, and any builder that does not have the right insurance puts his business and livelihood in danger. It is important to team with an expert that has knowledge of your industry. This expert will know the ends and outs of the types of policies you will need. You insurance policies should be held as a vital part of your business operations.
If you are like most other contractors, you do not have the sufficient capital to meet the costs if an accident happens. While accidents and problems do occur, the right insurance can reduce most of your risks for a small cost compared to the possible liabilities. Builders Liability Insurance

Essential builders insurance policies:

Public Liability Insurance:
If you or a sub-contractor injures a third party during the operations of the business or damage property, public liability insurance will cover the costs of the claims. It will cover legal costs that you may face because of the claims as well. Even though Public Liability Insurance will cover your losses, it will only cover the top of your limit. You are liable to pay the differences.
The costs of the premiums are based on the type of work that you do, some employees you have, and your claims history. Nowadays most clients will not allow a contractor to bid on a job let alone work on a project without the proper Public Liability Insurance. Builders Liability Insurance Agency
Workers Compensation Insurance
The Workers Compensation Insurance system was designed to protect both employees and employers if a worker in injured on the job. Since the system is set up as a "no fault" system neither the employee nor the employer is held liable for the claim. Workers Compensation is controlled and monitored by your state. Builders Insurance Group
Workers Compensation will pay for specific injured employee benefits. The benefits that it covers is medical expenses, lost wages, and rehabilitation benefits. Most states require that every company that has one or more employees have adequate Workers Comp coverage. If you fail to have the required Workers Comp coverage, then you are likely to receive fines and penalties and even be required to pay for benefits out of pocket.