Over 25% of construction workers have been injured on the job. By nature of the type of work, injuries from construction accidents can be serious, which means the insurance for your construction company needs to be able to handle the big, the bad, and the ugly.
But it’s not just your employees you need to protect when you run a construction business, as commercial vehicles and construction equipment are also vital to your business’s wellbeing.
Let’s explore the different types of insurance for construction companies and why you need it.
Basic Construction Business Insurance Policies
Coverage should be comprehensive. Below are the different types of insurance for a construction company.
- General Liability. This common type of liability insurance for construction protects your business from property damage, bodily injury, or defective work. Without it, your business can be held liable for everything from damage to third-party property to third-party injuries that took place on a site you worked on even after you’ve completed the job.
Leave no loopholes with our Business Liability Insurance.
- Commercial Auto. In construction, your commercial vehicles are almost an extension of your employees. Adding physical damage coverage to your policy will help you protect equipment that’s permanently attached, such as bolted toolboxes or ladder racks.
Keep things moving when an accident happens with our Commercial Auto Insurance.
- Commercial Property. In addition to insurance for construction sites, you can’t forget about your home base. Commercial property insurance covers the building itself, as well as the valuables inside — such as computers, paperwork, and equipment.
Your business is more than a space — it’s your passion. Keep it safe with Commercial Property Insurance.
- Business Owners Policy (BOP). This type of coverage is a package policy that couples General Liability with coverage for your commercial buildings and personal property.
Protect your business from the “what ifs” with a comprehensive General Business Liability plan.
- Workers’ Compensation. Insurance for construction workers is a must. Your employees work hard, and construction work can be dangerous. Be sure to cover employee medical costs and a portion of lost wages if they become ill or injured while at work.
Keep the ones who work for you safe and covered with our Workers’ Compensation Insurance.
- Risk Management. Not all risks can be avoided with an insurance policy. While it may not make the list of everyone’s “must haves” for construction company insurance, risk management helps you prepare for the things outside of your control. It’s a proactive way to prepare for potential problems and an all-encompassing plan that protects your business’ bottom line.
Stay in control with our Risk Management Services.
Do You Need It?
Whether you’re in the early stages of starting your construction company or unsure whether your business falls under the definition of a construction company, knowing whether or not you need business construction insurance will severely affect your success.
Many businesses are required by their clients to carry specific coverages. You’ll need construction insurance if you’re involved in work that specializes in the following trades:
- Home Improvement
- Land Clearing
- Home Building
- Asphalt Laying
- Sprinkler Installation
- Parking Lot Striping
- Fence & Deck Building
- Concrete Laying
- Stone & Granite Work
- Windows & Siding
How Much Does It Cost?
Different trades involved in construction work are exposed to different degrees and types of risk. Factors that will affect your rate include coverage needs, employees, work vehicles, and claims history.
Because every business is unique, the exact cost of your business construction insurance will depend on a variety of factors. The most comprehensive and cost-effective construction insurance is to partner with insurance and risk management professionals that can develop a plan that’s right for your specific needs.
At Robertson Insurance & Risk Management, we focus on turning consultations into conversations. We prioritize getting to know you and your business’s unique needs.
This allows us to develop a plan that insures every critical area of your business, while at the same time ensuring you don’t pay for the coverage you don’t need. From insurance policies for construction projects to insurance for construction workers, we are here for you.