What Contractors Should Know About Builders Risk Policies and Liability Coverage

Builders Risk Policies

Between workplace injuries, damage to important equipment, claims, and potential court fees and more, construction contractors face a number of professional liabilities and risks that could be partly covered through a comprehensive builders risk policy. You may have heard of general liability insurance before, but builders’ risk takes it a step further to offer you protections specific to building and construction that you might not find bundled together elsewhere.

Builder’s Risk Coverage Gets Detailed and Specific to Your Construction Projects

One of the biggest advantages to builder’s risk coverage is that you can get very detailed in your policy about risks concerning your specific types of projects. For instance, you could potentially cover:

  • The scaffolding on projects
  • Your equipment or construction supplies
  • Your buildings

With General Liability, Third Parties Are Typically Covered

Getting a general liability policy will typically mean that damages to third parties are covered, whether in full or in part. Some of these damages include physical injuries or damages to company property, but the coverage may not be as specific as in a builders risk policy.

While general liability can offer any company some basic liability and risk coverage, for the events that can happen in the course of running a building business, you may want a more specific builders risk policy. By getting your risks covered, you can feel comfortable running your company without worrying about potential financial or legal harm.

The Advantages of Supermarket Premises Liability Insurance

Premises Liability Insurance

When you own a business, you are expected to make sure your customers are safe while they are on the premises. Supermarkets are no exception to this.  If something happens, you are responsible for taking care of their medical bills and you may even be sued. This is where supermarket premises liability insurance comes in.

What is Covered by Supermarket Premises Liability Insurance?

This type of insurance provides you with coverage for any injuries your customers, vendors, or guests may sustain. These injuries can occur due to many different factors. People can slip, trip, or fall while in your supermarket and this can easily lead to injuries. Injuries, no matter how minor they are, can easily result in a lawsuit. You don’t want to have to pay these legal fees out of pocket and supermarket premises liability insurance can cover them.

What is Not Covered by Supermarket Premises Liability Insurance?

Supermarket premises liability insurance does not provide coverage across the board and it does come with some exceptions. For example, this type of insurance does not cover your workers. If you want your workers to be covered while at your business, you should look into workers’ compensation insurance. It also does not cover damages to your business. Some examples could be fire, vandalism, or theft.

Owning a supermarket may seem relatively safe, however it is not risk free. Having supermarket premises liability insurance can make all the difference!

What Type of Insurance Is Right for Construction Companies?

Construction Companies

If you own a construction company, you need adequate insurance to protect your investment. You may not realize it, but there are two types of necessary coverage, and they aren’t interchangeable. Let’s take a quick look at each.

Builders Risk Insurance

A builder’s risk policy covers the contractor’s property, materials, and equipment where the construction is taking place. This policy protects the project until it is finished and the owner approves of the work. The policy also covers unexpected perils, such as weather events, vandalism, and theft. Examples of damage include:

  • Lightning strikes and hail
  • Explosions and fires
  • Theft and vandalism from external sources
  • Vehicles that crash into the building

If the damage was caused by flooding, it won’t be covered. In addition, coverage is excluded for any weather-related damage that resulted from property left unprotected. Most builder’s risk policies only cover the damage to property or materials of the insured contractor.

Contractors’ General Liability Insurance

This general liability insurance covers bodily injuries, accidents, and damage at the construction property. In addition, if you or your workers are accused of causing injuries or property damage at the site, general liability insurance will protect your business. It will also cover litigation from claims of libel, slander, or false advertising.

Both policies are critical to protecting your construction company.

Do I Need EPLI Insurance at Work?

EPLI Insurance

If you run your own company, you have so many issues to address. You want to keep your employees and clients happy, all while making an acceptable profit. One thing you don’t want to add to your worry list, however, is possible litigation.  There are many types of insurance coverage that will protect you from unhappy customers or clients. If mistakes are made by your employees regarding products and services provided by your company, Errors and Omissions (E&O) insurance can cover you. If business management decisions are made negligently and can cause harm to your customers, Directors and Officers (D&O) insurance can protect your company.

But what about a disgruntled employee? Since you aren’t immune to employees seeking liability, it is important to consider EPLI (Employee Practices Liability Insurance) to protect your company.

Examples of Claims Covered Under EPLI

EPLI insurance coverage will protect you and your company against such litigation as:

  • Wrongful termination or demotion allegations
  • Sexual harassment claims
  • Discrimination charges
  • Claims of emotional distress

EPLI can protect you and your company from liability. Others who work for you can also be protected.

Call your insurance agent to see what coverage is best for you. A comprehensive package including D&O, E&O and EPLI may be the best fit for your company.

Extending Your Workers’ Comp Coverage

Workers’ Comp

Even though you may do your best to source the most comprehensive insurance plan for your needs, there is the potential for exclusions and limitations that can interfere with claim processing. When it comes to a business and the provision of a workers’ comp policy, there are certain exceptions to the rule if your business operates in one of the following:

  • North Dakota
  • Ohio
  • Washington
  • Wyoming

In these states, fully protecting your company from an injury lawsuit means acquiring stop gap liability insurance.

Why Is It Necessary?

As the facts on https://www.wwspi.com/ reveal, stop-gap coverage or a stop-gap endorsement can help an employer fill in potential gaps or exclusion areas in a workers’ compensation policy. Employer liability concerns are usually taken care of through the design of the workers’ comp coverage plan, but in the four above mentioned states, this is not the case. The state regulates workers’ comp purchases through the state fund, and not all employer liabilities are covered in the plans.

Why Does It Do?

The supplemental coverage is protection from allegations that the employer did not provide a safe working environment. Employer liability is a separate clause in a typical workers’ comp policy and it keeps an employer from being held liable for injury or illness. However, the state-mandated coverage option does not contain such a clause. Therefore, an employer should consider purchasing the stop gap coverage in order to prevent an employee from holding the company liable should an incident occur.

Because You’re Human, You Should Get Dentists Medical Liability Insurance

Florida dog bites quotes
Florida dog bites quotes
dentists medical liability insurance

Even the best dentists make mistakes every now and then. It can be quite a bummer to have something go wrong when you’re at the top of your game, but to a certain extent, it’s inevitable. What you can do, however, is to protect yourself from the potentially heavy financial consequences that such mistakes tend to bring upon the professional. Start thinking today about choosing your dentists medical liability insurance plan. This type of protection will keep you afloat during those times when accidents occur.


How Dentists Medical Liability Insurance Keeps You Protected


A quality medical liability insurance plan provides you with financial assistance if you are ever sued for malpractice. Although you may make just one mistake during your career as a dentist, lawsuits have become so expensive and time-consuming these days that the aftermath of that isolated incident can be suffocating. By paying a small amount every so often, you will gain access to the financial resources that you need to get through the difficult period and come out stronger than ever.


What to Look For in a Plan


There are plenty of dentists medical liability insurance plans on the market today, and some are better than others. When you’re examining plans, look for the liability limits values. High values mean that you will be reimbursed more for any given instance of malpractice.


Malpractice insurance is not an unnecessary expense. If you are ever taken to court for a simple mistake, the financial repercussions can be tremendous, even if you are exonerated. Since you’re human, and mistakes happen, you need to safeguard your financial integrity with insurance.

Employment Practices Liability Insurance Protects You During the Termination and Hiring Processes

employment practices liability insurance
employment practices liability insurance

The issues arising from employee turnover are the most critical employment liabilities you face. Maintaining employment practices liability insurance is the safest way to protect your business from devastating lawsuits brought on during the termination of employment and hiring processes. A good liability insurance policy protects you from three key threats related to turnover:


1. Employee Terminations


Whether an employee is discharged or leaves your company by choice, he or she may make legal accusations against you. Discharged employees are obviously the biggest threat since they are often unhappy about the separation. However, some disgruntled employees are known to leave a company before they pursue their intended lawsuits.


2. Potential Employees


Every applicant is a potential employee and has a legal right to fair consideration for employment. This important right has done much good in the country, as it has helped groups that were previously discriminated against. Unfortunately, it also means that any potential employee who feels that he or she was wronged can take you to court.


3. New Hires


Any time you hire a new employee, you risk hiring someone who will create problems for your business. An undesirable employee leads to disciplinary actions and eventual termination. This, of course, begins the turnover liability cycle again.


Protect Your Company


The most important way to protect your company during your inevitable termination and hiring processes is to purchase employment practices liability insurance. Proper insurance coverage reduces the stress and potential problems involved in turnover. With this help, as long as you are managing your turnover in a wise and legal way, you have nothing to fear.