Construction businesses and contractors face a wide variety of risks at job sites and beyond. An incident can be very costly if they don’t protect themselves with adequate business insurance.
Client property damage, employee injuries, and other events can result in significant legal liability and losses. But the right small business insurance policies can prevent a business from taking on a large financial burden.
Construction company employees and contractors often work in environments that are somewhere between busy and chaotic. Consequently, it’s easy to make a costly mistake, such as a plumber installing a pipe that subsequently leaks and causes damage or a roofing company installing a roof that fails to keep water out. Whatever the issue is, there are associated expenses.
Because there is a great deal of variety in the types of risk construction professionals face, insurance companies like biBERK offer various policies. That’s convenient and cost-effective for companies since they can purchase only the coverage needed to address their risks.
What risks do construction companies and contractors have to contend with most often, and which insurance policies cover them? Below are a few examples.
All types of construction businesses need business insurance, including:
What does construction company or contractor insurance cost? You can get instant, self-service, online quotes from biBERK for the insurance policies you need whenever you have some free time.
You can also keep your insurance costs low by taking these actions:
Endorsements are features that modify an existing insurance policy. In many instances, they enhance an underlying policy.
For example, construction tools and equipment typically aren’t protected by a business owners policy at the base level of coverage. However, you can add an endorsement to protect those items while they are on the job site, being transported, or temporarily in storage between jobs.
If you have questions about insurance for a construction company or contractor and the endorsements you need, a biBERK representative is happy to answer them.
While almost all companies with employees must have workers’ compensation insurance, the rules are different for self-employed people who have no employees.
As a contractor who meets that description, you typically are not required to have workers’ compensation coverage. But there are scenarios where you may need workers’ comp insurance. For example, some companies require that the contractors who complete projects for them have their own workers’ comp coverage, as shown on a Certificate of Insurance (COI).
Workers’ compensation insurance can also protect contractors from medical expenses related to on-the-job injuries or illnesses. In addition, a workers’ comp policy can help replace lost wages while you’re recovering.