When you work in the construction industry you are working on the areas where your clients’ lives will unfold, whether that is a home, an office, or other structures. Your clients are counting on you to create a space that is safe, operational and will serve them for the foreseeable future.
Just like any other business, your construction business needs insurance to go along with industry-specific coverage. Expensive equipment and tools, and possible injury should be considered when thinking about what type of coverage may be necessary in the construction industry.
What Does Construction Insurance Cover?
Insurance coverage is a requirement for almost every single construction project. Construction insurance can provide your business with coverage for materials, vehicles, employees and more. Having a policy that fits your construction company’s needs is essential to mitigating the threat of work-related accidents and other unexpected accidents.
Basic Construction Coverage
General Liability: A broad type of policy which provides your company with liability insurance for general business risks.
Commercial Auto: Covers physical damage and liability coverages for vehicles used by your business.
Workers’ Compensation: Offers coverage if an employee suffers injury or illness while on the clock or within the scope of their job duties.
Other Coverages You Might Need
Business Owners Policy (BOP)
What Does Construction Insurance Cost?
The type of construction your business specializes in will have a significant impact on the types of risks you will face. A General Contractor will not encounter the same types of hazards that an Electrician or a Roofer would. As your risk factors vary, so too will your policy premiums. Other factors that are considered when determining your Construction Insurance policy include:
Your Coverage Needs
Number of Employees
Types of Work Vehicles
Your Claims History
Different insurance carriers will rate these factors in numerous ways. This is why it is important to compare prices across plans and to speak with an insurance agent about the intricacies of your business in more detail.
Find the Policy That Fits Your Company
When matching a client with insurance, we review their current policy, but will also offer our own recommendations based on experience. The staff at Mark Bruns Agency understand the unique insurance needs for a construction company. As a local agency, we provide coverage to businesses in Erie, PA and Girard, PA and surrounding areas. To start building a construction policy, please request a quote or contact us to learn more.