Construction business involves high risk and can cause serious injuries to the workers or can also cause damage to the structure. Construction site is a dangerous place and thus it is essential for builders and/or contractors to have construction insurance.
Construction insurance is also known as Builders risk policy and provides protection to the owners against any injuries to the workers on the construction site.

It also covers machinery and material used on the construction against theft or fire. Construction insurance policy covers a wide range of losses that arise during construction. Some common packages under construction insurance are-

• Public liability insurance: It provides cover to the builders against claims made by any third party against any injury or property damage during construction. This policy can help in paying the compensation amount to the third party.
• Employers liability insurance: In case of any injuries to the employees on construction site, employers liability insurance will provide coverage to the employers against any claims by the employees. The insurance policy will cover the cost of medical treatment and the compensation that is to be paid to the employees.
• Automobile liability insurance: Heavy trucks are used to transport material and machinery on construction site. The owner of these vehicles should purchase automobile liability insurance that provides coverage against claims made by any third party in case of any injury caused by the vehicle on the construction site.
• Contractors pollution liability: With strict environmental laws, it is essential for contractors to have pollution liability insurance which provides cover against any environmental claims made by third party.

Construction insurance is an important asset for those who belong to construction industry. With the right kind of insurance policy, builders and contractors can ensure that the entire construction project is carried out in a secure manner.