Construction is a unique and hazardous field of work and a vulnerable trade to accidents, injuries, damage and liability. Without proper insurance coverage, your business may be at risk of suffering loss as well as lawsuits for injury and damages.
Thankfully, there’s an insurance policy for that
Whether you are involved in residential or commercial construction, having construction insurance is vital in protecting yourself and your business as well as your employees and clients. Also known as Contractors Liability Insurance or Contractors General Liability Insurance, these tailored policies covers risks specific to construction trades.
What Does Construction Insurance Cover?
At ARC insurance, we can offer an insurance policy to cover theft and damage of your tools, machinery and equipment as well as any damage to a 3rd party property. Construction insurance also works to protect injuries sustained by employees or 3rd party individuals such as clients.
Who Does Construction Insurance Apply To?
Construction insurance applies to anyone in the construction trade from individual contractors to construction companies to subcontractors. This specific type of insurance is designed to cover both commercial and residential construction.
Why is Construction Insurance Important?
The construction trades involve unique risks not associated with many other businesses or jobs.
Those who dedicate their lives to these trades often find themselves:
- Working with hazardous materials and tools.
- Traveling from worksite to worksite.
- Accessing private property.
Apart from the protection of employees and clients, construction companies deal with large and expensive tools and machinery. Loss, damage or theft of construction equipment means huge monetary loss for a construction company.For these reasons, construction insurance is important in covering the well-being and best interests of everyone involved in the company.
What Other Construction Insurance Policies Are Available?
Aside from General Contractors Insurance, the following forms of coverage are also available:
- Project Owners Commercial General Liability Insurance: This policy ensures that the project owner, and not just the contractor, are covered for property damage or 3rd party liability./li>
- Wrap Up Liability: Instead of insuring multiple projects, this policy covers a specific project from start to finish.
- Builder's Risk/Course of Construction Coverage: This form of coverage protects against damage or loss of a building during construction.
How Much Does Construction Insurance Cost?
The cost of construction insurance premiums depends on the following factors:
- The number of employees.
- The company’s revenue.
- The level of experience in the trade.
- The final value or rebuilding cost of the project.
Get a free insurance quote today and let our experienced brokers help you set up your construction business insurance policy!