Construction workers in Chattanooga know their chosen profession is filled with many hazards. Even with proper preparation and safety measures, sometimes things do go wrong and people get hurt or property is damaged. Yet, despite all the risks, more than 7,000 Chattanooga residents still show up every day to do their work as operators, flaggers, laborers, ironworkers, and framers. So before your builders move on to the next Tennessee worksite, be sure your company has a solid foundation of construction insurance.
To make things easy on yourself, talk with an experienced independent insurance agent. They’ll review all aspects of your construction firm and then recommend the best construction insurance plan for your business. Whatever the size of your company, whether you're a solo contractor or have a big-time construction company, you’ll be able to find exactly what you need. Whatever the scope of your projects, an independent insurance agent will get you set up with the best policy for your vision and your budget.
What’s Chattanooga, Tennessee Construction Insurance?
Essentially, construction insurance is a combination of different coverage that will protect your employees, equipment, and clients. Each construction company has a particular set of risks, so building a unique package of different protections works best.
The construction blueprint for Chattanooga, Tennessee
- Chattanooga residents working in construction: 7,882 (4.4%)
- Chattanooga total number of new homes built (1997-2017): 9,174
- Chattanooga new bridges built (2000-2018): 51
- Total number of construction companies based in Tennessee: 38,011
- Total number of construction employees in Tennessee: 364,071
- Total US construction spending for one month (Feb 2020): $1.36 billion
In many cases, your construction business will also be required to have insurance in compliance with project requirements and government regulations.
Who Needs Construction Insurance in Chattanooga, Tennessee?
If you and your employees ever wear a hard hat or a safety vest on the job, then it’s safe to assume you’ll need proper construction insurance. Whatever the scale of your projects, the types of heavy machinery or materials used, or the location of your jobs, construction comes with many risks. A well-designed insurance package is critical for all businesses, particularly those in the construction field.
Construction firms that fall into any of these categories should contact an independent agent for help building the right insurance package:
- Small renovation contractors
- General contractors (aka prime contractors)
- Real estate developers
- Professional construction managers
- Program managers
- Package builders
Why Do I Need Construction Insurance?
Every year about 20% of fatal US work injuries occur on construction job sites. Of course, injuries and fatalities aren’t the only hazards construction companies may come up against. Your construction firm may be challenged by weather events, accidents, unhappy employees, being sued, making mistakes, or having things stolen.
Unfortunate events do happen in Chattanooga, Tennessee
Construction insurance can help keep your Chattanooga business running even when there’s an unfortunate setback along the way.
- Chattanooga’s most common weather events: floods, storms, and tornadoes
- Chattanooga annual fire calls (2006): 961
- Chattanooga annual thefts (2018): 8,065
- Tennessee occupational injuries, illnesses in construction (2018): 870
- Total number of 2019 EEOC filings against Tennessee employers: 2,393
- Total number of 2019 EEOC filings against all US employers: 72,845
By working with an independent insurance agent, you’ll get expert help in minimizing your risks and protecting your construction team from unexpected catastrophes.
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What Does Construction Insurance Cover?
Construction insurance is the best tool in any builder’s toolbox. Here’s a list of coverage that your local insurance agent can package together to help stabilize your business:
- General liability: Coverage for third-party claims alleging your firm caused an injury, illness, or property damage.
- Workers' compensation: Coverage required in the majority of US states. It pays for your workers' medical care and lost wages if they get hurt on the job.
- Professional liability insurance: Coverage that’s also called "errors and omissions.” This policy is helpful if your construction business is providing expert advice, design, or consulting as part of your services.
- Builders risk insurance: Coverage for the actual structure you’re working on, as well as the materials being used for the project. This policy is effective from the time work begins until it’s fully completed. Usually this insurance covers theft, damage, business interruption, and financial losses caused by construction delays.
- Commercial auto: Coverage for company-owned vehicles like pickups and dump trucks.
- Inland marine insurance: Coverage for machinery, tools, and special equipment that can’t be secured at one location, including during transit.
- Umbrella and excess liability coverage: Coverage against any claims that exceed your primary policy’s limits.
- Pollution coverage: Coverage for third-party claims alleging physical injury or physical damage involving pollution, things like paving and demolition.
Chattanooga insurance agents are able to assemble construction insurance programs that will protect your unique business.
How Much Does Construction Insurance Cost in Chattanooga, Tennessee?
Construction insurance depends on a variety of factors, like your revenue and niche. The more money you generate, the more insurance will probably cost. Premium will all come down to how much you have to lose.
Things that will influence your premiums:
- The number of construction workers you employ
- The types of projects you bid
- Your city, state, and county
- How much business you generate
- Your past claims history
- Your company’s safety record
- Your reputation for finishing projects on time and on budget
Should I Talk to a Chattanooga, Tennessee Independent Insurance Agent?
Each construction company has special risks based on the blueprint of their organization. All the things discussed above will influence the type of insurance your firm needs and the price you’ll pay for the protection. An independent insurance agent in Chattanooga can offer guidance while shopping around for the best, most affordable construction coverage.
Learn more by reaching out to an independent insurance agent with an office in or around Chattanooga. You’ll soon discover how easy it can truly be to design a comprehensive, yet cost-effective, construction insurance program.
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