Insurance Wraps are special programs worked out to give protection to the circle of potential policyholders it encompasses. Insurance Wrap policies operate mostly in construction industry and naturally are designed for the parties involved in it: the owner, the general contractor, sub-contractors and other people making up the development and construction team. Usually the owner or the general contractor purchases a wrap-up policy thus ensuring protection for oneself and one's employees, for professional interests and investments. Wrap-up insurance programs traditionally include such sectors of insurance as general liability / excess liability, worker's compensations / employer's liability. They usually come in two basic types: owner-controlled policies and contractor controlled policies.
An important component of a wrap-up program is the capability and the quality of being functional in reference to risk-management information. What is undoubtedly positive about Insurance Wraps is that having all the workers' coverage under one specific policy usually leads to lower premiums than in the situation when each employer has individual coverage. Sometimes Insurance Wraps are rather costly, but they normally admit of an opportunity of sharing the costs among general contractors and sub-contractors.
Nowadays Wrap Insurance is available to any large group united by common business interests irrespective of the business sphere.