Construction Insurance Kansas City– What You Need to Know
In addition to building and constructing a building, many construction companies take part in the design process. In the event that a third party is injured while on the job, they will be covered by general liability construction insurance. Project managers often require proof of coverage before granting a job to a contractor. This type of coverage also protects contractors from claims arising from negligence or errors. This type of insurance is very important for construction companies, as many project managers require this type of coverage before accepting a job.
General liability coverage
If you are a construction company in Kansas City, you probably need some sort of insurance for your construction operations. General liability coverage for construction insurance covers any damages or injuries that your construction company may cause to third parties. Many project managers require proof of coverage before they’ll work with a particular company. This kind of coverage will also protect your business from claims that you make errors or are negligent. White, Grego & White Insurance in Kansas City is a company that provides a variety of construction-related insurance options to suit the needs of your construction business.
A good insurance provider will be able to provide you with the coverage you need at the price you can afford. Some general liability insurance policies will cover bodily injury claims. They will cover your medical, legal, and settlement costs if someone is injured due to your work. But remember, general liability insurance isn’t enough for injuries to your employees. You should also check out the additional liability coverage for construction in Kansas City.
Builder’s risk coverage
If you’re building a new home in Kansas City, it’s important to have a builders risk insurance policy. This type of coverage protects the insurable interest in building materials, fixtures, and equipment. Many government regulations and contracts require this kind of insurance, which protects you from lawsuits that could arise from bad design, workmanship, or materials. This insurance can protect you in several ways, and we’ll discuss them here.
Before you purchase a builder’s risk insurance policy, you should review the coverage details thoroughly. Ensure that you understand all the coverage that you have, and you also know whether or not you’re missing out on something. Additionally, you should check whether or not a specific coverage is excluded in your state. If it does, make sure to ask your agent or broker about the coverage details. If you’re not sure if a particular insurance policy covers your area, you can get a quote from a local broker or agent.
Worker’s compensation coverage
Construction insurance in Kansas City includes coverage for workers’ compensation. Businesses with three or more employees are required to purchase it. In some cases, businesses with fewer than three employees may opt to purchase a policy on their own. Construction businesses are often required to purchase this type of coverage. Sole proprietors are generally not required to purchase this insurance. Domestic servants, real estate salespeople, farm laborers, and solo entrepreneurs may not need to purchase it. However, even these individuals are counted as workers when calculating the number of employees.
Most employers are required to purchase Workers Compensation coverage, though there are exceptions. Businesses with payrolls of $20,000 or more must obtain it through a licensed insurance agent. When an employee suffers an injury on the job, the insurance company pays the injured worker’s medical bills. The insurance carrier pays claims if the employer pays the premiums. All carriers are regulated by the Kansas Insurance Department, and most employers choose the self-insurance option.
Environmental risk coverage
There are several types of coverage for environmental risks that are included on construction insurance policies in Kansas City. Environmental risk coverage protects your business from third-party claims for pollution. This coverage may be necessary when you are involved in a project that pollutes the ground, or when you have to deal with toxic spills. Other types of coverage include business auto and umbrella insurance, which provide protection against excess liability charges for various situations.
As environmental concerns continue to grow, many businesses are focusing on ensuring they are fully protected. Many insurance policies now include environmental risk coverage. First-party property insurance is also an option for protecting your business from a lawsuit or other loss. And since you are working with various contractors in Kansas City, environmental risk coverage is essential. You also want to protect your bid, payment, and maintenance processes by including surety bonds in your policy.