It's common for construction businesses to have Commercial General Liability (CGL) insurance, which provides coverage to a business for bodily injury, personal injury, and property damage caused by the business’s operations, products, or injuries that occur on the business’s premises. Although Commercial General Liability is considered comprehensive business insurance, it does not cover all risks a business may face.

If you’re in the construction business then you know any construction project involves risk. A loss can lead to business impairment or loss of business assets, and sometimes personal assets as well. And unfortunately, as the construction business continues to boom, so do construction risks. If you are a contractor, you may want to consider adding Project Loss Insurance.

Coverage is available for all contractor and is designed to cover a broad range of construction contractors, including:

• General contractors
• Heavy civil contractors
• Trade Contractors
• Business Owners looking for Corporate and Personal Wealth Protection
• Employee Owned Companies (ESOP’s)
• Companies Considering Succession

This protection offers contractors the ability to share the risk of severe project loss that may be associated with poor production, subcontractor default, price escalations, as well as other situations.

Project Loss Insurance can also provide interim payments for an anticipated covered project loss during the life of the project. Through the underwriting process, PLI can help contractors improve financial reporting and internal controls to better prevent (and control) catastrophic losses and improve overall operations.

For information on your best business insurance options, including Project Loss Insurance, contact us.

Source:
https://www.travelerscanada.ca/surety/project-loss-insurance