According to the US Bureau of Labor Statistics, New Mexico is one of the top states for construction jobs, with employment numbers steadily growing in this industry. Las Cruces has recently embarked on a number of capital improvement projects, and this means that construction companies in this city will have a steady supply of jobs for years to come.
If you are looking for comprehensive, yet affordable, construction insurance for your business, an independent insurance agent in Las Cruces can help. These agents can work with multiple insurance companies to find you the best policies to meet your coverage needs. Find an insurance agent near you to get started.
What Is Construction Insurance?
Construction insurance is business insurance that has been tailored to meet the specific coverage needs of companies in the construction industry. It can protect your company’s finances by covering losses caused by hazards you are likely to face as a business owner in Las Cruces. That way, you can spend your time focusing your attention on building, rather than on making up for lost revenue.
Las Cruces Construction Insurance Covers Business Property
The tools, machinery, equipment, and materials used by your construction company are expensive. Construction insurance can cover loss or damage related to severe weather events, accidental fires, wildfires, theft, and other hazards. Your policy can include any or all of the following:
- Commercial property insurance: This can cover business property kept where your company is located. This includes office furniture, computers, tools, and equipment. If you own the building in which your business is housed, it can also cover structural damage when caused by a covered event.
- Inland marine insurance: This is designed to cover your high-value portable equipment. It can cover your business property when it is in transit to or from the job site, at the job site, or in storage. Your construction inland marine policy can include contractors equipment insurance, tools and machinery insurance, builders risk insurance, and installation insurance.
You can make sure that your business property is fully covered when you work with a local independent insurance agent.
Las Cruces Construction Insurance Covers Liability Risks
Liability lawsuits have the potential to bankrupt your business if it is not properly insured. By ensuring that you have the right coverage in place, you can rest assured that in the event that something goes wrong, your insurance will cover your court costs, legal defense fees, and damages.
The following are some of the commercial liability products you may want to include in your construction insurance policy:
- Contractor general liability insurance: Covers third-party injuries and damage caused by your business. This is typically required by customers before they will hire you to do a job.
- Commercial vehicle liability insurance: Covers third-party injuries and damage caused by accidents involving company-owned vehicles.
- Employment practices liability insurance: Covers damages if your business is accused of illegal business practices such as discrimination, harassment, or wrongful termination.
- Workers’ compensation insurance: Covers medical treatment and lost wages if your employees are injured on the job. This coverage is required of all construction companies in New Mexico.
- Owners and contractors protective liability insurance: This is a stand-alone policy that is project-specific. It protects the project owner against liability risks associated with the work you do. It may be required by your clients.
- Professional liability insurance: This covers damages caused by errors in judgment and other mistakes made by professionals you may have on your crew including designers, contractors, architects, and engineers.
- Environmental liability insurance: This covers clean-up costs and damages if the work your construction company does leads to the accidental pollution of the land, air, or water.
- Umbrella insurance: This can significantly boost your liability coverage limits.
Talk to a local independent insurance agent to learn more about these and other available liability products that may be of benefit to your Las Cruces construction firm.
What Else Can Las Cruces Construction Insurance Cover?
When building your construction insurance policy, there is additional coverage available to you including:
- Surety bonds: Construction contractors in New Mexico are required by the state to post a $10,000 contractor license bond before they can operate legally.
- Business interruption insurance: If a covered natural disaster forces you to halt operations for an extended period, business interruption insurance can provide a continuation of income until you can resume working.
- Insurance for employee benefits: If you want to provide your employees with benefits such as subsidized health insurance and life insurance, there are many products available to choose from.
A local independent agent can help you review your company’s various exposures and can recommend the appropriate policies to cover against them. That way, you will not be left with any unintentional coverage gaps.
Why Work with an Independent Insurance Agent in Las Cruces, NM?
Building a suitable business insurance policy package for your Las Cruces construction company can be a complicated endeavor. Fortunately, you do not need to tackle this job on your own. When you work with a local independent insurance agent, you can get guidance from an experienced insurance professional who is aware of the risks faced by business owners in this city.
Your agent can work with multiple insurance providers to help you find the coverage you need at a competitive price. Are you ready to start comparing customized quotes for construction insurance in Las Cruces? If so, contact an insurance agent near you to get started.
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