Small Business Liability Insurance

Construction Liability Insurance

Why Opt for Construction Liability Insurance

Construction liability insurance alleviates any losses which may occur in a construction project. These usually include material damages, where the construction and erection works are being insured, but can also be extended to include construction machinery, equipment and installation, clearance of debris, etc.

Construction liability insurance has recently become a major concern of many Irish construction companies, not without reasons. The fatality rate in the Irish building industry is among the highest in Europe – for instance, in 2001, 28% of all workplace fatalities occurred in this particular sector. Even if occupational accidents do not result in death, however, injuries are often very serious, including blindness, amputations, head injuries, disfigurement. These can result from numerous site accidents, damaging persons as well as the construction works: explosions, equipment malfunctions, slips and falls, poor safety and quality standards, poor construction control. Construction liability can cover all these risks and thus solve many legal and occupational problems. It is therefore an easy and economical solution to a number of construction-related issues.

As more companies begin to realize the importance of construction liability insurance, their demands are growing as regards its coverage, indemnity, and specific terms. Like with other public liability insurances solutions, some companies now offer customized policies for construction liability insurance. Keystone Insurance (keystone.ie), for instance, has recently gained popularity for supplying insurance solutions from a selected range of Irish and UK insurers to the Irish construction industry and to multinational construction companies operating in Ireland.

The company provides the possibilities for companies to easily arrange their first-time construction liability insurance. Quotes are prepared within only a few hours, and cover details can be negotiated over the phone. If desired, the insurance policy may be paid by direct debits over as many as ten equal installments, to facilitate cash flow and company operations.

Keystone also offers construction insurance renewal for companies willing to ensure they get the best possible value for money by preparing quotations specifically designed to meet a company’s unique needs. If a construction company’s policy is close to renewal, but it is not happy with its current insurer, Keystone can negotiate renewal with both the existing provider of the construction liability insurance and alternative ones, in order to be able to offer the company the best possible option when renewal time comes.

The construction liability sector is certainly still to see a lot of development, as demand grows and companies require policies tailored to their operations and specific risks. This development has already started, as is evident from the services offered by Keystone Insurance, and will hopefully bring lots of benefit to constructors, their employees and customers alike.

If I get Occupational/Accident (OCC/ACC) insurance does this protect me from uninsured guys that I hire?

I hire friends to help my company set up event sites. I am incorporated and have each sign a contract stating that they are not employees and are free to work for whom ever. They must use their own tools and know the field.

I have heard of this insurance for truck drivers but it is like Work Comp that you buy for yourself. There is a group version, but I think it is for employees only…if you don’t meet the minimum requirements for work comp to be mandatory for you…this can sometimes be a cheaper alternative. You should really require that your guys be insured and bonded and have Certificates of Insurance adding you as additional insured with a Waiver of Subrogation to you. However, those laws vary state to state…you may want to seek guidance from a local agent or attorney.

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