In the construction field, not being properly and adequately covered can be extremely dangerous and expensive. As such, it is necessary to spend some time researching the different types of insurance policies available to you. Accidents can happen in the blink of an eye, and without proper coverage any of those accidents could lead to a potentially damaging lawsuit.
Today, we would like to focus on a type of construction insurance policy that is particularly beneficial to a team of professionals and not a single contractor: wrap-up liability insurance policy.
This type of policy covers a team of professionals involved in a project and protects them against third party and general liability exposures associated to that project. Generally, it is purchased by the owner of the project on behalf of his and her contractors and subcontractors. The cost is then divided among the team of professionals.
Depending on what type of work the team of professionals will be doing, this policy can be customized to meet their insurance needs. Please note that the wrap-up liability insurance policy is intended for bigger projects. It has the potential to provide uniform coverage to everyone who is insured under the policy. This makes applying for a wrap-up liability insurance policy a better and safer choice than relying on each contractor's personal commercial general liability insurance policy.
Do you have a question concerning construction insurance coverage that you would like to have answered? Click here for more information: Sharpinsurance.ca