To all my insurance agents, Real Estate Lawyers and Experts,
General Liability Insurance and Builder Risk Policy are needed during a constructions. But what else is needed?
I was wondering, if I hire an employee (General Labor) and he is injured during a work at the residence. I am assuming he is not covered under the two other policies, right? And if so what type of insurance or protection should I have in place to ensure my company and the employee are both covered?
Also, when my flip is complete and the house is ready to sell. What type of insurance do I need?
Workers Compensation protects you from bodily injury claims from employees, independent contractors or anyone else who is working on your project. It is easiest to have the contractors carry a policy, so you don't have to. But if you are hiring a lot of small time operators, they probably don't have a policy.
Regarding your flip, you want to double check with your current policy. It is possible to have coverage from the Builders Risk you used during construction. If not, you would need to purchase a Vacant Building policy.
Thank you!! I will look into it right away!!