Connecticut Contractors Insurance Required Under All Instances

Most contractors understand that there is a good possibility that something will go wrong during one stage of a construction job or another. Everything from accidents and injuries to property damage and more, there are a slew of issues that can come to the fore and solutions are not always easy and can, at times, be costly. A general contractor (GC) is responsible for everything that happens on their job site, from start to finish, which is why having the right types of insurance policies in place is so important.

Different types of contractors insurance needed

There are several types of Connecticut contractors insurance available. Each policy is designed to cover the policyholder for a certain act or peril associated with the type of work being performed.

1.Liability insurance

This coverage, for example, takes care of general liability issues that can arise on a jobsite. This is one of those insurance requirements that all contractors must meet in order to even begin a job. Accidents constantly happen on job sites, which could involve property damage, or people aside from the workers who are not properly attired (hard hats, gloves) and insurance makes sure that everything is taken care of when something goes wrong, or someone gets hurt.

2.Commercial auto insurance

This policy covers work vehicles. Remember that vehicles expressly used for work will not be covered under any regular car insurance, so a special commercial auto insurance policy is necessary. Business vehicles can end up being involved in accidents, or may injure an individual, so they need to be protected as well.

3.Workers compensation

This insurance serves two purposes. It protects contractors as well as their employees from the costs incurred when injuries happen on a work site. This type of contractors insurance is essential because is protects everyone involved in the project.

4.Builder's risk

This provides coverage in the event there is property damage to the building while it is in the course of construction. It's important that adequate limits are in place in the event of a fire or some other peril that causes partial or complete damage.

While safety and proper planning are two ways to help maintain some control over everything that goes on at a construction site, there are so many exposures, and many times they are not evident until they actually happen, it makes sense to carry adequate amounts of contractors insurance in Connecticut for every project before work has begun.