All the businesses need an insurance for their development and safety without any loss. If a company is insured, losses of the company will be reduced and the assets of the company will be protected.
Suppose if we take the case of building practitioner or a builder there are some of the insurances which can safeguard their businesses from loss. These in turn supply an amount for continuing their daily process or the business. Some of the major insurances which a building practitioner or the builder uses are:
Domestic Building Insurance:
For the builders whose contract price is more than the $12,000 this type of construction insurance is required. This insurance provides safety for the consumers of the building. Suppose there is any issue like if the builder dies, they disappeared, without finishing the building then the insurance company will indemnify the loss which has occurred because of the builder.
Professional Indemnity Insurance:
Following building practitioners require this type of insurance. The building surveyor, building inspector, engineer, quantity surveyor, draft person – who designs the building, architects all require this insurance. Here the practitioner will be safeguarded from the claims which are made during the periods of insurance.
Public Liability Insurance:
The builders and the supervisors generally require this type of insurance. Here also the practitioner, will be safeguarded against the claims which are made during the period of insurance.
Builders Indemnity Insurance:
All the commercial builders, require this type of Insurance for claims made on the structural defects.
These are some of the Insurances which a builder requires before building any building.