Construction Insurance

CONSTRUCTION INSURANCE GUIDE

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Construction Insurance Guide

Construction insurance is a vital safety net for contractors and businesses involved in building projects. It provides financial protection against unexpected losses such as property damage, injuries, and legal liabilities.

What Is Construction Insurance?

Construction insurance is a comprehensive insurance policy designed to cover the specific risks associated with construction projects. It can include multiple types of coverage to protect against various potential losses.

CONSTRUCTION PROJECT RISKS

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Property Damage

Accidents, natural disasters, and vandalism can cause damage to buildings, equipment, and materials.

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Liability

Construction activities can lead to injuries or property damage to third parties, resulting in lawsuits and financial losses.

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Workers’ Compensation

On-site accidents can cause injuries to workers, requiring medical treatment and compensation.

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Equipment Damage

Construction equipment can be damaged or stolen, leading to significant financial losses.

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Business Interruption

TYPES OF CONSTRUCTION INSURANCE

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Builder’s Risk Insurance

Builders Risk Insurance covers physical damage (Including materials, fixtures, and equipment) to your building under construction. Protects against risks like fire, theft, vandalism, and natural disasters.

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General Liability Insurance

General Liability focuses on bodily injury or property damage caused by the insured’s operations to third parties. Protects against lawsuits and legal costs arising from accidents or negligence.

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Commercial Auto Insurance

Commercial Auto Insurance covers damage to vehicles used for business purposes and liability for accidents involving those vehicles. Protects against property damage and bodily injury claims.

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Workers' Compensation Insurance

Provides medical benefits and wage replacement for employees injured on the job. Covers legal costs related to workers’ compensation claims.

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Contractors Equipment Insurance

Covers damage or loss of construction equipment, such as tools, machinery, and vehicles. Protects against theft, vandalism, and accidental damage.

COST & COVERAGE OF CONSTRUCTION INSURANCE

Insurance Type

Insurance Type

Average Monthly Costs

Average Annual Costs

Typical Coverage

General Liability
$30 - $95
$350 - $1,200
$1-2 million
Builder’s Risk
$80 - $450
$900 - $6,000
$1-5 million
Workers’ Compensation
$150 - $600
$1,600 - $7,000
Up to $1 million
Commercial Auto
$120 - $350
$1,440 - $4,200
$1 million per accident
Contractor’s Equipment
$85 - $250
$1,050 - $3,000
$250,000 to $500,000

GET PREMISES LIABILITY QUOTES

If you want to get an exact cost for Construction Insurance, we encourage you to get quotes now from our experienced agents.

Our experienced agents are well versed in all types of properties. After understanding your insurance needs, our agents can usually reduce policy prices through additional discounts of 10% to 15% from the instant quotes you receive.

We provide the finest comprehensive plans for your business by providing:

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