Commercial Construction Insurance

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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.

Are You Ready to Get Covered?

Prefer to speak with a CoverWallet consultant? Call(646) 844-9933