Most contractors already know about commercial general liability (CGL). It’s the most popular form of insurance coverage in the construction industry. However, there are instances where CGL’s coverage may fall short. Here are three types of supplemental insurance you should consider for your business.
Builder’s risk policy in New Jersey provides coverage for the building as well as your materials if disaster strikes. Damages caused by fire, hail, wind, or an explosion on the construction site are covered under this type of insurance.
If you’re a larger company or work on larger project sites, it is recommended that you also carry umbrella liability. In the event that you’ve reached your maximum benefits under your CGL coverage, it can be used to cover any remaining amounts.
Contractor’s pollution insurance provides coverage for your business if a person is injured or property is damaged due to pollution from your construction project. If applicable, you can also use this insurance to cover the cost of restricting the amount of pollution.
Although commercial general liability is the most popular form of insurance for contractors, there are others that can prove to be just as important. When searching for coverage, you should consider purchasing a contractor’s pollution, umbrella liability, and builder’s risk policy in New Jersey.