Whether your construction business works on skyscrapers or treehouses, there’s plenty of risks involved. And where there’s risk, there’s a need for protection from it. The right blend of coverage can help limit your financial risks from jobsite injuries, equipment damage, accidents and more.
Don’t worry, thought. Our independent insurance agents have seen it all before and are here to help connect you with the proper protection for the right price. But first, let’s dive into the risks out there for you and talk more about the coverage you may need.
Your construction insurance can make the difference between your company turning a nice profit or losing money on a construction project. Which is why it’s so important that you’re set up with adequate and quality coverage. The specific coverage you choose will depend upon a number of factors, like the size of your company, the number of workers you employ, and the type of work you perform.
Some of the policies you may want to consider include:
A business owners policy, or BOP, is a good option for some small business owners and can provide much of the construction insurance you need at an affordable rate. Your business could qualify for a BOP if you generate less than $5 million in sales and have fewer than 100 employees.
Typically, a BOP combines the following coverages:
Even if it’s not a state requirement, most contractors still get licensed for business and marketing reasons. You’ll likely be viewed more favorably by insurance companies and be able to secure better rates and pricing if you are licensed.
Beyond the construction training requirements, you’ll have to carry general liability insurance and workers compensation insurance. Some states also require you to be bonded, which can be provided by some insurance companies.
The cost of your construction insurance will vary based on the number of employees you have, the kind of construction work you do, and how much business you generate. Companies that develop raw land and construct higher value projects will typically pay the most.
Normally, you will pay a percentage of payroll as your premium with a percentage upfront, and then make monthly payments after that.
Well, anyone who builds structures like homes and buildings for others. But specifically:
A we’ve mentioned, in your line of work, you’re open to a number of different risks, like: property damage, employee injury, vehicle accidents. With the right business insurance in place, you can minimize the risk and liabilities that can put a big damper on your profits.
It's a good idea to comparison shop before you buy to make sure you’re getting the coverage you need at a price that fits your business budget. Of course, that can take a lot of time that very few business owners actually have. This is where an independent insurance agent can be the answer you never even thought you needed.
Independent insurance agents are kind of like the Google of insurance quotes. You tell them what you’re looking for, and they bring in the results. And since they aren’t tied down to one carrier, they’re free to shop around and bring multiple policy options to the table.
And it gets better, you don’t have to review the policy options alone. They’ll walk you through everything you need to know about finding the right coverage, and price, for you. But it doesn’t end with your signature. Along the way, if something bad ever happens, they’ll handle the entire claim process for you and deal with the carrier, so you can focus on your construction empire. How sweet is that?