The city of Santa Fe, New Mexico spends about $250 million a year on construction projects. From building new commercial and manufacturing facilities to the construction and maintenance of highways and bridges, these jobs are ongoing in this capital city. Construction insurance protects the companies that complete theses jobs so that they can remain profitable.
If you are looking for comprehensive insurance for your Santa Fe construction firm, an independent insurance agent can help. These agents can work with multiple insurance companies to help you find the best and most affordable policies to meet all of your business coverage needs. Find an insurance agent in Santa Fe to get started.
What Is Construction Insurance?
Construction insurance a business insurance policy package that has been tailored to meet the specific coverage needs of companies operating in the construction industry. These policies often include several different commercial insurance products, both mandatory and optional.
A well-built construction insurance portfolio will provide coverage against all of the risks you could potentially face as a business owner in Santa Fe. Independent insurance agents can help by identifying your company’s various exposures and recommending the right policies to cover against them.
Construction Companies in Santa Fe Need Liability Coverage
Business liability insurance is arguably the most important part of any construction insurance policy. Liability insurance is designed to cover court costs, legal defense fees, and damages if your business is liable for a covered event. There are many types of commercial liability coverage available to your construction business. These include:
- Contractor general liability insurance: This covers third-party damage for which your business is responsible. This is often required by client before they will hire you to do a job.
- Employment practices liability insurance: This covers your company against accusations of illegal business practices such as discrimination, harassment, and wrongful termination.
- Environmental liability insurance: This covers clean-up costs and damage if the work your construction company does leads to the accidental pollution of the land, air, or water.
- Commercial vehicle liability insurance: This covers third-party injuries and damage caused by accidents involving your company-owned vehicles. It is required if your business owns any vehicles. This is particularly important when you own heavy machinery like front loaders and dump trucks, since these vehicles can cause significant damage to others.
If you are looking for more liability coverage than these policies will allow, a local independent agent can also help you secure an affordable umbrella insurance policy. Find an insurance agent near you to learn more about these and other commercial liability products that may be of benefit to your Santa Fe construction company.
Santa Fe Construction Companies Need Property Coverage
Most construction companies own a lot of expensive property and equipment. Your construction insurance policy can cover loss or damage to this property caused by severe weather, fire, theft, or other covered events.
There are different categories of property insurance that construction companies in Santa Fe should be aware of: coverage for property that is located at your place of business; and coverage for property that is located elsewhere, as is often the case, since construction work is done at the job site.
- Commercial property insurance: This can cover business property at your business location. This includes office furniture, computers, tools, equipment, and building materials. If you own the building in which your business is housed, this insurance can also cover structural damage due to covered hazards like hail or wind.
- Inland marine insurance: This can cover your high-value portable property when it is in transit to or from the job site. This includes building materials that are being delivered to you if you have already paid for them, therefore making them your property.
- Contractor equipment insurance: This can cover your high-value portable property while it is at the job site.
You can make sure that all your business property is fully covered by working with a local independent insurance agent in Santa Fe.
Workers’ Compensation Insurance Is Required for All Santa Fe Construction Companies
The state of New Mexico requires all employers in the construction industry to cover their employees with workers’ compensation insurance. This insurance is designed to pay for the costs associated with workplace injuries.
Workers’ compensation insurance covers the cost of medical treatment, follow-up care, and medications if an employee is injured on the job. It can also provide injured employees with coverage for lost wages through disability payments. Additionally, if a workplace injury proves fatal, workers’ compensation can provide the employee’s family with compensation in the form of survivor benefits.
Since the construction industry is one of the most dangerous industries for workers, costs for this coverage can be relatively high. An independent insurance agent in Santa Fe can help you compare rates and obtain any discounts for which you may qualify. That way, you can be sure that you are getting this required coverage at a competitive price.
What Else Can Santa Fe Construction Insurance Cover?
There are other coverage types that an independent insurance agent can help you include in your construction insurance policy package. Examples include:
- Surety bonds: Construction contractors cannot legally operate in the state of New Mexico unless they are licensed and have posted a $10,000 contractor license bond. An independent agent can help you secure this other other business bonds, if needed.
- Insurance products for employee benefits: Offering your employees an attractive benefits package can help your construction company be competitive in this booming market. That way you can attract and retain the best employees. Learn more about your options when it comes to providing your workers with health insurance and life insurance benefits.
- Commercial flood insurance: While business insurance policies can protect against many different severe weather events, they will not cover flood damage, which is a very real risk in Santa Fe during monsoon season. Fortunately, a supplemental flood insurance policy can provide your company with the coverage you need.
When you work with an independent insurance agent, your agent can help you identify all of your construction company’s exposures and can recommend the right business insurance policies to cover against them. That way, your Santa Fe construction insurance policy package will not leave you with any unintended coverage gaps.
Why Work with an Independent Insurance Agent in Santa Fe, NM?
With so many coverage types and options to choose from, building a suitable construction insurance policy package can be complicated. The good news is that you can get help from a local independent insurance agent. These experienced insurance professionals are aware of the risks faced by business owners in Santa Fe, and they can provide guidance and advice when you are shopping for coverage.
Independent agents are free to work with multiple insurance providers. Because of this, they are able to help you obtain and compare quotes from competing insurance companies. That way, you can be sure you are getting your insurance at a good price. If you are ready to start comparing customized quotes for construction insurance in Santa Fe, contact an insurance agent near you.
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