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Builder Liability Insurance
Builders Liability Insurance with Quote Liability is designed to protect builders and contractors while working on a construction site from accidents, injuries, and damages that, despite all precautions, may occur. There are multiple safety standards, rules, and regulations that must be followed on any job site, and even with the strictest or simplest of these always being followed, circumstances beyond the control of the builder do occur. Builders Liability Insurance provides coverage to builders and contractors from claims resulting from such accidents, injuries, or damages. Additionally, this coverage may also protect against third party claims, depending on the circumstances behind the particular claim.
Builders Liability Insurance from Quote Liability covers a wider array of construction related insurance policies, such as:
- Public Liability Insurance
- Machinery Insurance
- Employers Liability Insurance
- Contractors All Risk Insurance
- Personal Insurance
Public Liability Insurance – provides a business with coverage against third party claims when employees, sub-contractors, directors, or owners are to be held accountable for damage or an injury to the third party, or their property. Builders Liability Insurance will also cover any legal costs incurred with the defense against the claim. This form of coverage is also used to protect a business against defective products. The amount of premium will vary based on different factors like type of business, previous claims, projected turnover, and number of employees. This type of Insurance is useful for tradesman, builders, and contractors.
Machinery Insurance – provides protection against any type of loss or damage to types of machinery and/or equipment that is used in the construction industry. Examples include: Cranes, Earth Movers, Digging equipment, etc. This insurance is especially used in areas where machinery is used and exposed to rough conditions on a routine basis.
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Employers Liability Insurance – provides a business with coverage for when an employee suffers a physical injury or death while on the job, and it is deemed that this injury or death was the result of negligence on the part of the employer. It will cover the employer against claims for compensation from injured employees, or the relatives of deceased employees. Additionally, the legal costs associated with such claims are covered by this type of insurance policy.
Contractors All Risks Insurance – provides coverage against loss or damage to contract work, hired-in plant, own plant, and employee’s tools. One of the main distinctions of this policy is that only the area where work is occurring will be covered by this type of policy. While there is work occurring however, this insurance will cover loss or damage to contract workers or their materials. It will additionally cover the loss or damage to the plant of the owner, including his machinery, tools, and equipment contained with the job area. Contractors All Risks Insurance also traditionally provides coverage for loss, damage, or theft to machinery, equipment, or tools that are hired in plants (ex: hire yards). There are policies that extend this coverage to include potential loss or damage to the hand held or power tools of either the owner or their employee.
Personal Insurance – provides coverage for Owners, Sole Traders, or Directors in case they are injured and are unable to work for an extended amount of time. Because of their position within the company, they cannot file a claim against their own business, therefore this insurance allows them to have an income during the time they are unable to work. Generally, this type of policy provides for a 24-hour cover that is not limited to only work related accidents or injuries. This form of coverage provides three very distinct benefits: monthly tax-free income, hospital cash, and capital (lump sum) benefits. The tax-free income benefit allows the insured to receive a tax free benefit after one month that will continue for the recovery period. Hospital cash provides the insured with a designated amount for expenses to put towards his stay in a hospital. The lump sum portion of this coverage is a determined set amount that the insured will receive, most often depending on the nature and severity of the injury.