If you’re developing a multi-million dollar construction project, the responsibility of meeting all the requirements can seem overwhelming. Each step of the process, from sticking to budget limitations to meeting the deadline, requires you to be deliberate and plan ahead. Here is everything you need to know about keeping your project protected with construction wrap up insurance.
What Is Construction Wrap Up Insurance?
Construction wraps up an insurance policy is a blanket policy that provides contractors, subcontractors, and owners with the protection they need during a project. Because wrap up coverage is reserved for projects that exceed 10 million dollars, it is an essential type of insurance for jobs that require a considerable amount of work and preparation.
“As a construction company, you need insurance that covers against certain claims. In fact, you need an insurance policy created specifically for your industry, called construction general liability insurance. Source: https://www.sboneinsurance.com/.
The Three Areas of Coverage
With this type of insurance, your business is covered for three main types of claims. The first is a bodily injury. This includes harm to employees or visitors to your construction site. The second is false advertising and the third is damage to the property. The types of damage-causing incidents that may be covered by this policy include the following:
If a claim is filed, you may be accused of negligence. However, this insurance protects you against such claims and helps with the legal fees so you do not have to pay out of pocket to clear your name and your reputation.