What is construction insurance
Construction insurance is a broad variety of insurance policies that provide protection during construction projects. Many factors influence the type of insurance for a given construction project or business. Here are some types of construction insurance:
– Builders risk insurance is insurance coverage for buildings, different types of property and other structures while they are under construction.
– General liability insurance provides liability protection to businesses in the case of bodily harm or property damage during the course of business. There are various versions of these policies.
– Construction bonds are used to “guarantee” certain aspects of a contract or construction project. There are also several types of contract bonds.
– Workers’ compensation insurance protects construction businesses and contractors when their employees are injured while on the job. It covers some costs after a covered incident. Compensation insurance is required by law in some states.
Focus on a strong safety policy
Insurance costs in construction industry are a significant cost element. If companies can reduce this cost, they will have more money to invest in their business. The major solution is improving safety at the jobsite, the result of which is the reduction of insured events. Construction companies should pay special attention to effective safety maintenance and inspection programs.
Modern mobile solutions can significantly help in ensuring stable, safe construction workflow. Construction apps provide pre-made mobile forms and checklists for regular, streamlined safety inspections. Moreover, there is an opportunity to generate professional reports right on the mobile device, share and store them. All necessary data is always at hand. Optimized documentation contributes to a smooth safety policy without incidents and great insurance payments.
Snappii helps construction companies create safe and efficient jobsites for about 10 years. We provide construction apps that are easy to use, as well as multifunctional and powerful. We are able to create any custom app, which will help maintain safety in your construction business. Send us your requirements and let’s discuss.