Construction Insurance
When you can’t eliminate your risks on the jobsite, cover them with comprehensive construction insurance.
Whether you run a full-service general contracting firm or a small concrete business, you never know when an accident will threaten your company’s future. While you can’t plan for the unexpected, you can make sure you have the financial support you need with construction insurance.
Risks are everywhere in the commercial construction industry: in the office, on the road, throughout the jobsite, and even on your network. When those risks turn into loss events, the financial consequences can threaten your business—or even shut it down for good. Luckily, you don’t have to deal with the aftermath alone if you have construction insurance.
Finding the right insurance to protect your business may seem daunting, but InSource is here to help. We specialize in insuring high-risk companies like yours and can even implement risk control practices that make your workplace safer.
Construction insurance is a blanket term for several coverages that protect your business. The type of coverage you need depends on your role in the project and the work you perform.
If you experience a loss event that is included under one of your policies, your insurance company will provide financial support. Your payout may go towards lawsuit costs, property damage, medical bills, or something else, depending on the type of claim.
Every business in the construction industry should have commercial insurance. Your state most likely requires you to have workers’ compensation and commercial auto insurance, and many project owners require general contractors and subcontractors to show proof of general liability, builder’s risk, and workers’ comp coverage.
Several factors affect the cost of your construction insurance, including:
Request an insurance quote from our team to learn the exact costs of a policy.
Need help finding coverage for your business? Partner with InSource today to make sure you’re covered when it matters most.
Depending on your needs, you may need a few—or all—of these construction insurance policies. Not sure which coverages you need? InSource can help evaluate your risks and decide which policies are essential.
Chances are you’ll need a certificate of insurance showing proof of general liability coverage for nearly every project you work on. That’s because general liability insurance protects your business from some of the most common lawsuits in the construction industry, including personal injury, property damage, and bodily injury.
As a construction business owner, you may help homeowners or other businesses repair their property after a bad storm or fire. But what happens if your office is the one needing repairs? Your commercial property insurance policy will help pay to restore or replace your building, furniture, and other personal property after a loss.
You can’t add a building to a property insurance policy until it’s complete, but construction sites can contain hundreds of thousands of dollars in equipment and materials. If you experience property damage or loss on your unfinished property due to a storm, fire, or theft, a builder’s risk policy can help you pay for repairs and replacements.
Did you know that your property insurance policy doesn’t cover construction equipment when your employees move it from site to site? If you damage or lose any tools, machinery, rented equipment, or other property on the road or at a third-party location, you need inland marine insurance to help cover the costs.
If your employees get into a car accident while driving for work, whether it’s in a company truck or personal vehicle, your business can be held liable. Commercial auto insurance helps pay for property damage, medical costs, and lawsuit fees in the aftermath of an accident. It can also pay to repair your vehicles if they’re damaged outside of an accident.
Construction consistently tops the list of workplace fatalities, making it one of the most dangerous industries for workers. You need workers’ compensation insurance if you want to protect your team after a workplace injury or illness, whether it’s a minor cut or a broken leg. This coverage pays for medical bills and lost wages during recovery.
Gone are the days of paper proposals, design mockups, and project files. Now, construction companies store a wealth of information on their network—and that data is vulnerable to attacks. If you experience an unexpected breach, cyber insurance can help you recover data and protect your reputation without draining your bank account.
If you miss a deadline, make a calculation error on a plan, or draw an inaccurate blueprint, your client can sue for damages. Because general liability policies don’t cover lawsuits related to professional mistakes, you need a professional liability policy to address your risks. These policies cover lawsuit costs, settlements, and more.
Protecting your business requires more than a few construction insurance policies. If you want to effectively manage risks, keep your workers safe, and find comprehensive coverage for every claim event, you need InSource on your side.
Our team has been helping high-risk businesses find insurance for nearly a century, and we go beyond what your average construction insurance company provides. We don’t just cover your risks; we work closely with your company to reduce them, so you have fewer expensive claims. Our team even provides OSHA safety consulting and access to a cutting-edge online training platform.
If you need affordable construction insurance and invaluable risk control recommendations from industry experts, get in touch with the InSource team today.
Protect your business with the right insurance through InSource Insurance Group.