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Construction can be a high-risk career path. From dangerous tools to dangerous heights, there are an almost countless number of ways one can get injured while performing construction work. While few industries take safety procedures as seriously as construction, accidents can and do still occur.
Construction business owners will need several types of insurance covers to protect their businesses.
Who needs Construction Insurance?
If you offer any of the following services, you’ll need Construction Insurance to protect your small business:
General Liability is required in some states to get a construction business licence. General Liability covers personal injuries and damage to other's property.
Example... A workers accidentally scrapes a car on the street with a piece of heavy equipment. General Liablity Insurance will help cover the property damage.
Workers Compensation protects your employees from work-related injuries or illness in construction, while protecting your from liability.
Example... An employee falls from scafolding while retailing a roof and breaks a leg. They receive Workers Compensation to cover their medical bills and lost wages, while giving up the right to sue you.
Comercial Auto insurance is needed if your construction business uses vehicles and they're involved in an auto accident. You'll be covered for legal fees, medical costs and vehicle repair costs.
Example... Your forklift truck collides with a parked car. Commercial Auto will cover the repair costs for both vehicles.
Business Owners Policy (BOP) is for small construction companies that want to package together General Liability with Commercial Property at a reduced rate.
Example... A brick drops from the scaffolding, injuring a passer-by below, while also damaging the client's porch. BOP covers the injured person's medical bills, your legal costs and repair to the porch.
Umbrella Policy protects your company in a severe accident. It offers additional cover if the losses exceed the limits of your other policies.
Example... A youngster wonders into the construction site, falls and is seriously hurt. His parents sue you against your GL policy and are awarded $2 million. Since your GL policy limit is only up to $1 million, your Umbrella Policy covers the extra $1 million.
Professional Liability insurance (or Errors and Omissions) protects small construction businesses from the costs of client litigation over poor work.
Example... Your contractor fails to follow a blueprint, causing devastating financial loss for your client who sues you for negligence. Professional Liability insurance overs your legal fees and court costs.
Top construction business owners we insure
What is the purpose of construction insurance?
The construction business is full with hazards, and if you don't have the correct insurance coverage in place, each risk might cost your organization money. Every construction firm and contractor should look into several forms of construction insurance to make sure they're covered against all of the most frequent dangers.
What insurance policies are needed for builders and contractors?
There are several insurance policies suitable for the risks facing builders and contractors. The three most popular policies taken by professionals in building and construction include General Liability, Workers Compensation and Commercial Auto.
What insurance should I get if my work involves multiple construction trades?
You may receive a fast quotation for general contractor insurance and provide an estimate of how much time you spend on each sort of work if you specialize in more than one skill, such as general construction and carpentry. As a result, we'll be able to provide you with construction insurance coverage that is tailored to your unique requirements.
Can I add an additional insurance to my construction business insurance?
Yes. We understand that adding an extra insured to a contractor's coverage is a typical request, therefore we've provided you the ability to issue certificates of insurance and add other insureds for free.