From the maintenance of area roadways to the building of erosion-control structures and new homes, there are many construction projects going on at any given time in Rio Rancho, New Mexico. If you are a business owner in this booming industry, you can protect your company’s finances by investing in a comprehensive construction insurance policy.
If you are looking for construction insurance for your business, an independent insurance agent in Rio Rancho can help. These agents are free to work with multiple insurance companies, so they can shop around to find you the best policies to meet your coverage needs. Find an insurance agent near you to get started.
What Is Rancho Rio Construction Insurance?
Construction insurance is a bundled package of business insurance policies that meet the specific coverage needs of companies in the construction industry. This includes a mixture of required and optional coverage.
Construction insurance is designed to protect your company’s finances by covering losses related to the various hazards you are likely to face as a business owner in Rio Rancho. That way, you can rest assured that an unexpected disaster will not wipe out the investment you have made in your construction firm.
Rio Rancho Construction Insurance Covers Business Property
Construction insurance can cover business property such as tools, machinery, equipment, computers, vehicles, and building materials. Because the bulk of the work your construction company does happens at job sites, you will need more comprehensive coverage than a business that does all its work in one location.
Depending on how and where the commercial property is used and stored, there are two main types of coverage you will need.
- Commercial property insurance: This can cover business property kept at the address where your company is located. This includes office furniture, computers, drafting tables, and equipment. If you own the building in which your business is housed, commercial property insurance can also pay for structural damage if it is caused by a covered event.
- Inland marine insurance: This is designed to cover your high-value portable equipment when it is in transit to or from a job site, while it is being used or secured at a job site, and when it is kept in storage. Construction inland marine policies can include a variety of coverage types such as contractors equipment insurance and installation insurance.
Let a local independent insurance agent review your property coverage needs with you. Your agent can make policy recommendations that will ensure that your business assets are fully covered at all times.
Rio Rancho Construction Insurance Covers Liability Risks
Liability lawsuits have the potential to bankrupt your business if it is not properly insured. By making sure that you have the right commercial liability coverage in place, you can rest assured that if something goes wrong and you find yourself on the wrong side of a liability lawsuit, your insurance can cover your court costs, legal defense fees, and damages.
Some types of liability coverage may be required by your clients. These include:
- Contractor general liability insurance: This will typically be required by your customers before they will hire you to do a job. It covers third-party injuries and damage that may be caused by your business during the construction project.
- Owners and contractors protective liability insurance: This is also sometimes required by customers. It is a stand-alone policy that is specific to the project it insures. It covers the project owner (your client) against potential liability risks associated with the work you are doing.
The following are some of the other commercial liability products you may want to include in your construction insurance policy:
- Commercial vehicle liability insurance: This is required by the state if you have company-owned vehicles. It covers third-party injuries and damage that may occur if one of your construction vehicles is involved in an accident.
- Workers’ compensation insurance: The state of New Mexico requires that all construction employees be covered by workers’ compensation. This insurance pays for medical treatment and lost wages if your employees are injured on the job.
- Employment practices liability insurance: This insurance is optional. It pays for damages if your business is accused of illegal business practices such as discrimination, harassment, breach of contract, or wrongful termination.
- Professional liability insurance: This insurance is sometimes required by clients. It covers individuals in professional positions, such as designers, contractors, architects, and engineers, if they are responsible for third-party damages due to errors in judgment or other professional mistakes.
- Environmental liability insurance: Depending on the job you are doing, this coverage could potentially be required by your client. It 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 is designed to significantly boost all of your liability coverage limits.
Talk to a local independent insurance agent to learn more about these and other commercial liability products. Your agent can help you determine which may be of benefit to your Rio Rancho construction firm.
What Else Can Rio Rancho Construction Insurance Cover?
When you are putting together your construction insurance policy package, additional coverage types are available to you. These include:
- Surety bonds: The Construction Industries Division of New Mexico mandates that all construction contractors must post a $10,000 contractor license surety bond before they can legally work in this state. This bond covers customer damages if they are caused by your business. You would then need to repay the surety bond company. Independent insurance agents can help you secure the necessary bond.
- Business interruption insurance: If a covered natural disaster like a wildfire or monsoon forces you to halt operations for an extended period, business interruption insurance can provide your business with a continuation of income until you can resume working.
- Insurance for employee benefits: Offering employee benefits like life insurance and health insurance can help you attract and retain the best construction workers. A local independent agent can help you review your various options so you can easily choose the coverage that is best for your employee benefits package.
Independent insurance agents can help you identify your company’s various exposures and can recommend the right policies to cover against them. Talk to an insurance agent near you to learn more.
Why Work with an Independent Insurance Agent in Rio Rancho, NM?
Building an all-encompassing construction insurance policy package can be confusing. This is especially true for those who are not familiar with the ins and outs of commercial insurance. That is why so many construction company owners in Rio Rancho choose to work with a local independent insurance agent.
These agents work for you, not for a particular insurance company. Because of that, they are able to help you easily build a construction insurance plan that provides all the coverage you need at a highly competitive price. Find an insurance agent with an office in Rio Rancho to learn more. You will soon discover how easy it can be to start comparing customized construction insurance quotes.