Construction Insurance Information
Construction insurance helps provide coverage to protect yourself and your company, assets and employees. Countless risks are associated with operating a construction company, but they can be mitigated by having adequate insurance coverage.
Different Types of Construction Insurance
Insurance policies for construction professionals typically include the following six types of coverages:
- General liability coverage helps protect against common risks construction businesses face, such as liability for third-party property damage, third-party bodily injury, copyright infringement and other advertising injuries, and completed construction or installation damages.
- Professional liability coverage helps cover the construction business from lawsuits over errors and omissions in their work.
- Commercial auto coverage may help cover medical bills, legal fees and property damage if a company-owned vehicle is involved in an accident.
- Loss of income coverage may help cover income losses within policy limits resulting from business interruption due to a covered event.
- Builders risk coverage may help cover the costs of damage to a building or structure while it is still under construction.
- Workers’ compensation coverage may help cover medical expenses and lost employee wages if they suffer a work-related injury or illness.
General Liability Insurance for Contractors
No two contractors have the same insurance policy because each business is unique. However, contractor policies will most likely include general liability coverage. General liability insurance for contractors can help pay for losses and/or medical bills if the business is responsible for property damage or bodily injury to a third party.
Builders Risk Insurance: What It Covers and Why You Need It
Builders risk insurance is a specialized type of property insurance that helps cover buildings under construction. Builders risk insurance can help financially protect construction projects from property damage caused by:
- Acts of God, such as hurricanes
Builders risk insurance is highly customizable because each construction project has its own unique set of risks. Without builders risk coverage, you may be responsible for paying for costly incidents out of pocket, which could completely derail a project.
Construction Insurance Quote in St. Louis, MO
If you are interested in a quote for construction insurance, contact Lakenan Insurance. We can help you find the coverage you need.