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Liability insurance is important for contractors and subcontractors. This type of coverage offers financial protection from the results of accidents, injuries and property damage caused during a project. When running a construction project, many workers accidentally damage the property in one way or another. Misused tools, dropped items or misinterpreted instructions are often the cause of property damage incidents. The general standard of business require contractors to have proof of adequate construction liability coverage prior to starting a project or construction on a structure. This standard is also required for subcontractors.

As a rule, commercial contractors performing riskier tasks have higher coverage amounts. A roofing contractor would have a higher amount than a contractor remodeling the interior of a one-story commercial structure.

Residential Building Insurance
This type of coverage is essential for any worker in the home building business. In most cases, property owners decide to sue the contractor for damages experienced during the process of construction. If there are any injuries on the job site, some workers may also want to file lawsuits against the contractor or homeowners. A good construction liability policy will protect contractors from loss in unexpected situations and various types of damage lawsuits. The contract must require every subcontracting party to have their own coverage. The contract must also state that the contractor does not claim any responsibility for damages occurring during the construction process that are the fault of one or more subcontractors. Policy amounts are related to the amount of money the contractor executes, so it is important to estimate a realistic figure. To be fully protected, it is best to have at least two or three times as much coverage as the total amount of the construction project.

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