Construction Insurance
Construction Insurance Information
The construction industry is rife with risks and perils that could endanger your employees and your financial interests. Fortunately, you can take steps to mitigate the financial ramifications before they happen by securing appropriate construction insurance.
What Is Construction Insurance?
Your company should first understand that a construction insurance policy is not typically available as a standalone product. Instead, you may need to work with your insurance agent to compile a portfolio of several types of coverage that together can provide comprehensive financial security. In many cases, the following types of insurance may be needed:
- Workers’ compensation insurance
- Commercial property insurance
- General liability insurance
- Business interruption insurance
- Professional liability insurance
- Commercial auto insurance
- Cyber liability insurance
- Inland marine insurance
- Builders risk insurance
- Commercial umbrella insurance
How Much Is Construction Insurance?
Insurers must first assess your risk levels and coverage needs when providing a construction insurance quotation. The following criteria may often be considered:
- Location
- Construction services offered
- Years in business
- Number of employees
- Business assets and revenue
- Claims history
- Coverage details (e.g., policies needed, limits and deductibles)
Is Construction Insurance Important?
Construction insurance coverage may be the most important investment your company ever makes. Even the most experienced and prepared businesses may need to manage the aftermath of costly accidents, errors or other incidents, and lacking appropriate coverage could mean extreme out-of-pocket costs. Furthermore, certain types of insurance, including workers’ compensation and commercial auto, may be legally required. In addition, having adequate insurance can instill confidence and peace of mind in your clients, helping you garner business opportunities and foster a positive reputation.
Get the Right Coverage
With over two decades of experience serving businesses in Missouri, Kansas, Oklahoma and Texas, the team at Auto Insurance Discounters can help procure the right coverage solutions for your construction firm. Contact us today to get started.
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