Here’s a quick overview of the types of coverage in a wrap insurance policy.
We’ve talked a lot about wrap-up insurance in our blogs so far. Hopefully at this point, you have a pretty good grasp on who this coverage protects and why you might need it. Now it’s time to get into the details. In this post, we’re going to explore the types of coverage in a wrap insurance policy.
While each policy will be different since you can tailor it to your specific build, there are a few general types of coverage almost all policies will contain. Here’s a brief list.
- Workers’ Compensation: You know you need this kind of coverage, and your policy will offer it. With wrap coverage, most medical expenses and lost wages resulting from job site injuries are covered.
- General Liability: This portion of your policy will protect your build against the cost of bodily injury and property damage.
- Umbrella Liability: What happens if you hit your liability limits? Your umbrella coverage can step in. This portion of your policy offers more protection than your general liability coverage should you find yourself in an expensive lawsuit.
- Builders Risk: This coverage protects your materials, equipment, and progress on your build against dangers like fire and theft.
- Commercial Vehicle: If you have trucks, vans, cars, or specialty vehicles involved in your build, your wrap-up policy can help to protect them. It will also protect you against the expense of property damage or liability claims.
Now that you know all of the types of coverage in a wrap insurance policy, you have a clear idea of how much this type of coverage can do for your upcoming construction project. If you’re ready to get a single policy that offers all of this protection for project owners, general contractors, and subcontractors, contact the wrap coverage experts at Nahai Insurance Services today.