Construction

What is construction insurance?

Construction insurance is a risk management tool that provides coverage for damage to or destruction of a building while construction is in progress.  Contractors are faced with the daily risks of job site hazards caused by natural disasters, such as fire or windstorm, as well as damage caused by subcontractors, whether it is a valid error or just plain poor workmanship.   Construction insurance is designed to help you fund the losses that can occur while maintaining a safe worksite for employees and subcontractors and can provide protection for materials, natural disasters, and your own business.

However, construction companies often need specialized policies for complete coverage. Contractors, carpenters, homebuilders, remodelers, plumbers, electricians, handymen and other professionals in the construction industry can benefit from such specialized insurance policies.

What types of construction insurance are available?

Construction professionals work with heavy machinery and equipment that can break down or injure workers. For this reason, standard commercial insurance policies, along with specialized policies, are necessary for comprehensive coverage. Some of the most common policies needed by construction professionals include the following:

• General liability insurance: Could cover liability costs if individuals unassociated with your business experience injury or property damage on your worksite.
• Professional liability insurance: Also called errors and omissions insurance, this policy could protect you from third-party claims of error and/or negligence.
• Commercial vehicle insurance: Could cover any business-owned vehicles or personal vehicles used on behalf of a business and the associated liability of such use. This can include cars, trucks, vans, cement mixers, etc.
• Equipment Floaters: Could provide coverage if equipment such as lulls, lifts, generators, saws or compressors are damaged or stolen from the job site or your place of storage.
• Extra Expense Insurance: Could cover the cost of relocating your office and equipment if a disaster occurs...
• Builder’s risk or Installation insurance: Could cover property damage on worksites to the structure itself while under construction, or to construction materials prior to installation, while on site or in transit or stored elsewhere.
• Workers’ compensation: Could compensate employees who are injured on the job for medical expenses and partial wage replacement.

Get started today!

Our agency will evaluate your business and make recommendations for appropriate policies based on the size of your company, the number of employees, and the work you perform. Call us today to get started with a free quote for construction insurance.