Insurance for Infrastructure Construction
Why do infrastructure construction professionals need insurance?
Infrastructure services may include the construction or maintenance of airport runways, bridges, highways, sidewalks, roads, sewage systems, storage tanks, and sewage treatment plants.
This profession contains many known and unknown risks, which, if not managed properly, could cause serious harm to your business and personal assets. A slip and fall lawsuit alone could cripple your business profits.
That is why infrastructure construction businesses need insurance to protect your business and personal assets from all potential risks.
What Insurance Do Infrastructure Construction Businesses 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.
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!
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
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.
How much does construction and contracting insurance cost?
A small business with a few workers will pay less for insurance than a large company.
Factors that affect premiums include:
- Construction and contracting services offered
- Business property and equipment
- Business income
- Types of coverage purchased
- Policy limits and deductibles
How do I get Infrastructure Construction business insurance?
It's easy to get infrastructure construction business coverage if you have your company information on hand. Our application will ask for basic facts about your company, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with CoverWallet in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose policies
- Pay for your policy and download a certificate
Our licensed insurance agents work with top-rated U.S. providers to find coverage that fits infrastructure construction business owners, whether you're a contractor, subcontractor, or employer.
Frequently Asked Questions
Why do Infrastructure Construction Businesses need insurance?
This industry includes companies that both construct and maintain infrastructure. Services may include the construction or maintenance of airport runways, bridges, highways, sidewalks, roads, sewage systems, storage tanks, and sewage treatment plants.
The infrastructure construction business may contain many known and unknown risks. These risks if not managed properly could cause serious harm to your business and personal assets. A slip and fall lawsuit alone could cripple your business profits. That is why infrastructure construction businesses need insurance to protect your business and personal assets from all potential risks.
What risks do Infrastructure Construction Businesses face?
Infrastructure construction faces a lot of risks, below are some of those:
- A client visiting your office trips over a wire that caused him to suffer a broken arm. You’ll not only be responsible for the medical expenses to your client but for the attorney and court, fees should the client decide to file a slip and fall claim.
- One of your employees suffered a broken leg because of a work-related accident.
- The scaffolding your contractors used suddenly collapsed. Thankfully no one was hurt but the neighboring buildings have broken glasses, destroyed signs, and the cars were damaged as well.
How much does insurance for an Infrastructure Construction Business cost?
The cost of insurance for infrastructure construction depends on the type of coverage needed, the number of employees you have and the size of your business. To find out the cost of your insurance policy, simply talk to our insurance experts or apply online to get a free quote.
Top construction business owners we insure