The Construction Industry keeps booming, with the emergence of new companies every day. This expansion has ultimately affected every unit, such as workers, contractors, machinery, etc. – there is a high demand for more. The aim is to execute tasks successfully; however, that doesn’t come with the possibilities of disaster, damages, litigation, or injuries. With a good insurance plan, you wouldn’t have to worry much about any of the units because coverage options meet individual needs.
Construction takes a lot – in terms of effort and money. The purpose of insuring, however, is to ensure that you don’t make losses eventually. We provide top-notch quality services to ensure you are protected against any of the circumstances that may arise from construction work. We have now highlighted a few factors that would influence the cost of construction insurance, having followed standard policies. These factors include Business Credit History, Contractors’ Experience, Project Size, Project Location, and Coverage Limits.
With these factors in mind, we offer the following coverage options, namely;
General Liability Insurance
General Liability Insurance is consequential for every business that wants to survive in the industry. It is a coverage plan that protects the company from several liabilities, including injury claims, medicals, and damages. However, there is something about this insurance coverage – it doesn’t cover damages caused by a construction company’s ignorance or negligence.
Pollution Liability Insurance
At a construction site, many things could go wrong; one of those things is pollution incidents. If the work requires chemicals, construction workers risk being exposed to pollution. In that case, you will need Pollution Liability Insurance to cover any incident caused by this effect. Before we validate insurance, we make sure to assess the level of risk to be covered appropriately.
Professional Liability Insurance
Mistakes are inevitable. Human errors occur all the time. When that happens, it could cost you so much. For instance, an error in design or engineering work could mean starting the project or that part of the project all over again. However, we offer Professional Liability Insurance so that your construction company won’t have to bear losses. Ideally, we make sure your financial status doesn’t get too affected because of mistakes.
Inland Marine Insurance
The word “Inland Marine” gives out this type of insurance as one that deals with transportation. Many construction companies only consider insuring everything onsite, but not offsite. That is wrong. We provide Inland Marine Insurance so that any unforeseen event that happens when transporting equipment, supplies, and tools from a location to a worksite can be properly accounted for. Likewise, we offer Builders’ risk coverage as a part of Inland Marine Insurance for safety outside a work site.
Commercial Auto/Truck Insurance
Construction work means you will have to use commercial vehicles or trucks. Ideally, the commercial auto policy says you should insure them against accidents or damages. Commercial Auto/Truck Insurance is also one of our coverage options. It would help if you insured these vehicles under the company’s name to be easy to lay claims when the time comes.
Workers’ Compensation Insurance
Medical Expenses from onsite injuries and Lost Wages are two significant problems workers face from construction sites. Recently, some states mandated the need for Workers’ Compensation Insurance. The reason is to protect the workers and also the company from lawsuits. We offer this coverage for both parties’ safety.
With advanced technology, construction companies are taking their business digital. That means they now have to deal with data that involves customers or third-parties. Protecting such data is highly important because it explicitly shows every financial transaction between the company and its customers. Cyber Insurance is also one of our best coverage options so that you don’t lose them to cyber-attacks.
Contractor License Bonds/Surety Bonds
Often, Contractors are advised to get a license and permit bonds that would show that a construction project was completed successfully and approved by a customer. Our Contractor License Bonds, also called Contract Bonds, are legally binding in various forms – Bid Bonds, Performance Bonds, Payment Bonds, Maintenance Bonds, Site Improvement Bonds, Supply and Subdivision Bonds. Each type has its usefulness; we offer them depending on the construction project.
Why Insure With Us?
Our level of exposure in the construction industry is remarkable. We understand the need for different layers of protection, especially for this business type that comes with inevitable risks. You don’t want to be left stranded when a problem arises; therefore, we advise that you use our services – Property, Workers, and Auto Vehicles are given all the protection needed.
We know the market more than you do, and we have various factors that will determine insurance cost, so you have nothing to worry about. Why not book our services today? Contact us, and we would bring to you the different coverage options we have available for your construction business.