Insurance for Structural Contractors
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What Insurance Do Structural Contractors Need?
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!
Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused sobody financial loss. PLI covers your legal defense costs, damages and settlements.
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.
Frequently Asked Questions
Why do Structural Contractors need insurance?
Companies in this industry perform contracted work to both build and maintain necessary structures and infrastructures, including the erection of steel and precast concrete for large building construction projects, oil and gas networks, power lines, electrical stations, and communication lines.
Insurance not only helps you land clients and make your business trustworthy, but it also protects your business from huge expenses that could otherwise force your business to close. The insurance will cover the expenses involved in risks such as lawsuits and damages awarded.
What risks do Structural Contractors face?
Below are the risks structural contractors can face:
- One of your contractors is facing a lawsuit because they failed to produce the result that the client was expecting.
- While performing structural work, your worker slips and falls from a beam about 10 feet high. This causes severe injuries to your employee and they won't be able to get back to work until their injuries are fully recovered.
- A client walking inside your office trips on a loose wire that you've failed to fix. This causes your client to suffer injuries and they not only demand medical payment but also decide to sue your business for slip and fall.
How much does insurance for Structural Contractors cost?
The cost of insurance for structural contractors varies as every business has its unique needs. If you want to find out the cost of insurance for structural contractors, simply apply online and we'll send you your insurance quote in as little as five minutes.