What do you mean “I may need more insurance”?

Clearly construction is a risky activity: it involves dangerous tools, hazardous materials, occasionally with spotty supervision and experience…..so here are some basics for construction:

Builder’s risk insurance is a special type of property insurance which indemnifies against damage to buildings while they are under construction. Builder’s risk insurance is “coverage that protects a person’s or organization’s insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause.”  It is usually bought by the property owner before construction begins. See wiki link http://en.wikipedia.org/wiki/Builder’s_risk_insurance

Property Insurance needs to be reassessed after you have completed construction since it is more valuable.

Performance Bond-a guaranty from a bank or insurer or other source that payment to the Owner will be made  if the Contractor if defaults or goes bankrupt.  Most often in institutional and commercial projects.  See http://en.wikipedia.org/wiki/Performance_bond.  This is an extra cost  beyond the scope of the project.

Workers’ compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for  negligence.

Completed operations  insurance addresses liability incurred by a contractor for property damage or injuries that may happen to a third party once contracted operations have ceased.

No amount of insurance can substitute for common sense and a carefully managed jobsite.