Use the Right Tools: Insurance for Your Construction Business

Owning a construction business is hard work. You not only have a hard earned reputation to protect, multiple job sites to monitor and crews to supervise, but you need a business insurance package that is designed for your construction needs.

Whether your business is in general contracting or it meets more specific construction needs, there are some types of insurance that are essential to the industry. Most construction operations face the risk of property damage, on-the-job injuries and liabilities. To protect your businesses from these risks, any construction insurance policy should include:

  • General liability coverage: This critical form of coverage protects you from financial risk if you are responsible for bodily injury or property damage to others. Most states require general liability insurance on the condition of your license.
  • Builders risk coverage: This provides coverage specifically for on-site property damage of a job under construction. This coverage varies by company, but may also cover the construction materials on site, prior to installation.
  • Professional liability: If you provide consultation, design work or advice as a part of your construction services.
  • Workers compensation: This coverage is required in most states to cover employees’ risk of job-related injury, illness or death.

Other types of insurance that contractors should be concerned with include, commercial vehicle insurance and property coverage which will cover damages to buildings and their contents, tools, and equipment or supplies for business use.

For small construction operations, many chose a Business Owner’s Policy that includes each of these coverage options, and sometimes more, at affordable rates. For larger operations with more assets and revenues to protect, a more complex policy may be necessary.

Just as you wouldn’t trust someone with little experience in concrete to pour the foundation of your next job, you shouldn’t leave your insurance needs to anyone but the professionals. Our knowledgeable agents have years of experience working with construction business owners in identifying and easing their risks. We can help locate and compare several business insurance policies with a variety of coverage options at the most affordable rates. Contact us to get you set-up with the right insurance tools for the job.