Three Things You Should Know About Construction Insurance Houston
A construction insurance claim can be devastating and can end up threatening your business. However, you need not fear; McLaurin Law has experienced construction insurance lawyers in Houston and all over Texas. We can help you navigate the claims process from the initial consultation to the settlement. Contact us to schedule a consultation today. We offer free consultations. We can even visit your office if you cannot afford legal representation. Read on to learn more about construction insurance and how to protect yourself.
General liability insurance
If you’re a new construction company, you might be wondering about general liability insurance for construction in Houston. After all, you’re working on other people’s property, and you’re liable for any accidents or mishaps that occur during the course of the job. While this type of insurance isn’t mandatory, it will help you protect your assets against lawsuits and liability claims. Here are three things you should know about this type of coverage.
First of all, you need to know that general liability insurance quotes vary a lot between providers. Taking the time to compare quotes from multiple providers is a good idea, particularly if you’re shopping online. You should never stop searching for the best general liability insurance rates, and don’t stop comparing quotes as soon as your current one expires. In fact, you should seek new quotes before renewing your current policy. Secondly, you should be sure to implement and teach proper safety measures on your construction site and train employees. Additionally, you should also use the safety programs offered by the insurance companies to prevent accidents.
Errors and omissions insurance
The responsibilities of a business owner are numerous. Keeping accurate records and avoiding fraud are among the most important tasks, but there are many other obligations as well. Errors and omissions insurance covers business owners for problems arising from fiduciary oversights, such as mistakes that result in financial losses or lawsuits. Building consumer trust is crucial for gaining repeat business and creating a strong, profitable company.
A typical Contractor’s Errors and Omissions Insurance policy covers faulty workmanship or unintentional mistakes. However, there are some important differences between this policy and general liability coverage. Professional liability insurance, for example, covers economic losses that a client suffers due to a contracting firm’s negligence. This type of coverage will not cover work done on a business’ property, while a Contractors Errors and Omissions Insurance policy will cover damage to a client’s property.
Course of construction insurance
Course of construction insurance, also known as Builder’s Risk insurance, is a great way to protect property owners and contractors during major construction or renovation projects. This insurance policy helps to protect all parties involved in the project, from the owner and general contractor to subcontractors and suppliers. It also provides peace of mind for the owner because they are assured that they will have the funds they need to rebuild the project or start over from scratch.
A Texas builder’s risk insurance policy is a great way to protect your business while building a new structure or renovating an existing one. This type of insurance protects the property owner and contractor from unforeseen events such as construction site damage. Coverage can be obtained for a specified period of time and can cover various aspects of a building project. However, it is important to know that a policy does not cover all costs associated with a construction project.
Commercial auto insurance
A commercial auto insurance policy is designed to protect the vehicles of a business. These policies often cover more than one vehicle, and may also include medical payments coverage. Commercial auto insurance is especially important for businesses that transport supplies and equipment, or operate vehicles for public use. However, commercial auto insurance is also different than a personal auto policy in many ways, including coverage limits and eligibility. In most cases, a commercial auto policy covers one driver only, which limits the use of the vehicle. A commercial auto policy also covers bodily injury liability, which pays for injuries or death in the event of an accident, including legal defense.
Typical coverage limits are relatively low, but there are some limitations. A non-owned auto policy may not cover accidents caused by hired or privately owned vehicles, or accidents with a company vehicle. Other limitations may include damage caused by intentional acts. The insurance company, however, will have no liability for intentional damages. To make sure you’re fully covered, read the policy carefully. Once you’ve chosen the right coverage for your business, get a quote for commercial auto insurance for construction insurance in Houston.