Commercial Construction Insurance
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What Insurance Do Commercial Construction Need?
Covers your products, materials and equipment that are transported over land (truck or train), or while they're in a warehouse. If involved in a collision, mishandling or cargo theft, Inland Marine Insurance covers the transported goods.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
A Fiduciary Bond (or Surety Bond) protects a fiduciary - someone who is granted power over another person’s interests or assets via a will or contract - from being sued for alleged fraud, embezzlement, or dishonest acts.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Frequently Asked Questions
Why do Commercial Constructors need insurance?
This industry includes contractors for new construction of commercial buildings, as well as the repair and maintenance of those buildings. Contractors, building design firms, for-sale builders, management firms, and prefabricated building companies are a part of this industry.
Starting a business comes with various risks. Property damage, physical injury, employee injury, and lawsuits all come at a huge cost that could easily cripple your business finances if you don't have insurance. Your insurance will cover these costs so you don't have to.
What risks do Commercial Constructors face?
There are many risks that commercial and industrial constructors can face. These include:
- The products you supply could be proven faulty. They could send it back and get a refund but if it causes personal injury or property damage, you'll be in for a lawsuit.
- Your workers could get sick or injured on the job. It is your responsibility as their employer to pay for the medical and rehabilitation fees.
- Your property could be damaged by fire and natural disaster, including the contents of it. Just imagine the cost of repairing the damaged property and equipment but also replacing those that are beyond repair.
- While driving to deliver products to your client, your driver is in an accident. If the driver is at fault then your business is responsible for repairs to the other party's damaged vehicle and medical fees if applicable.
How much does Commercial Construction Insurance cost?
The insurance cost is calculated based on the number of employees you have, the size of revenues of your business, and many other criteria.
- A General Liability insurance can cost around $500 per year.
- Commercial Auto is around $400 per year.
- Commercial Property insurance is about $350 per year.
To get an idea of the exact cost of your insurance, you can apply for a quote online or talk to our customer service representatives.