How to know if a CCIP policy is the right fit for you.
Jobsite accidents can happen at any time, no matter how much time and effort you put into safety training. Occasionally, something goes wrong. Some accidents only end up with damaged or broken equipment, like a power shortage. However, in the worst situations, employees can get injured. When either or does happen, construction business owners need to ensure that they follow the right course of action to protect everyone and everything involved.
A CCIP is what’s known as a ‘wrap-up’ policy, meaning that all participants in a project are covered under one insurance policy. Coverage protects business owners, contractors, subcontractors, skilled laborers, and other employees, both temporary and permanent. When a high-cost accident occurs, CCIP coverage can lighten the financial burden, although this coverage does come with a few risks in itself.
How do you know if a CCIP policy is the right fit for your business?
A CCIP plan could cover a single project or all qualifying projects. Additionally, it typically provides general liability and worker’s compensation for everyone on a project. In essence, you can envision it as a large umbrella keeping the rain off the staff members working on your entire building project (although this shouldn’t be thought of as umbrella insurance).
Many rejoice at CCIP coverage since it is typically cheaper than purchasing individual policies. Furthermore, it has the ability to cover all subcontractors equally, even if they already have their own policies, which provides the security that your members are protected. It is estimated that, with the flexible procedures involved with a CCIP, owners can save around 40 percent on insurance costs.
Quite simply, having your own insurance policy is a policy to potential clients. They can see it as a form of security in your business and the project. In turn, this could increase your competitiveness and even your profits. As well as this, CCIP plans are considerably easier to follow, and claims are significantly streamlined.
If you’re sold on the merits of CCIP insurance, your next step is to find out where to get it. Look no further than Nahai Insurance Services! We’re experts on all kinds of wrap-up insurance – including CCIP coverage – and can put our experience and market insight to work for you. For all of your CCIP needs, contact Nahai Insurance Services.