Construction activities require both first-party and third-party insurance to protect the interests of the parties involved in the construction. Not only is it important to require insurance, it is also necessary to specify the terms and limits of insurance.
- Contractors with employees working on a construction project must carry workers compensation insurance under the state laws where the work is being completed.
- Commercial general liability policies usually provide at least $1 million in coverage but should be increased if the risk of injury or damage is greater.
- If automobiles are utilized in the construction activity, statutory automobile liability insurance must be maintained. Commercial automobile policies should provide at least $1 million in liability limits.
- Umbrella policies of at least $1 million are beneficial in providing additional coverage over multiple underlying liability policies in one efficient policy.
- Builders risk insurance in an amount equal to the cost of the project is necessary to protect against loss or damage to the project itself while under construction.
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