Construction Company Insurance in Grand Junction, CO
Construction insurance is a vital component of the construction industry, providing essential protection against a wide range of risks and liabilities that can arise during the planning, execution and completion of construction projects. From safeguarding against accidents and injuries to protecting against property damage, legal disputes and project delays, construction insurance is crucial to ensure the financial security and success of contractors, builders and project owners.
What Kind of Insurance Do I Need for My Construction Business?
Construction insurance policies include a wide array of coverage. Coverage details may depend on a business’s size, location, work type and legal requirements. Insurance policies for construction professionals typically include a minimum of the following types of coverage:
- General liability coverage may help cover medical expenses, legal fees, settlements and defense costs for lawsuits arising from third-party bodily injury, property damage, product liability and advertising-related claims.
- Professional liability coverage may help protect the construction business from lawsuits over errors and omissions.
- Commercial auto coverage may help cover company vehicles and drivers in case of accidents or damage to third-party property.
- Builders risk coverage may help cover damage to a construction project during its construction or renovation phase. It typically includes protection against damage caused by fire, theft, vandalism and certain natural disasters.
- Workers’ compensation coverage may help cover medical expenses and lost wages for employees who are injured on the job. It may also help protect the employer from potential lawsuits related to workplace injuries.
How Does Construction Insurance Work?
When a construction company has insurance, it can file a claim with its insurance company. If the claim is approved, the insurance provider will reimburse the company for the damage minus the deductible. If a third party files a liability claim against the company, they can typically initiate the process and work with the insurer to receive payment.
How Much Is Construction Business Insurance?
Insurance policy costs vary from company to company. The following factors may have an impact on a construction company’s premium:
- Types of construction and services provided
- Amount of property and equipment owned by the company
- Annual revenue
- Location of the company
- Number of employees
How to Get Insurance for a Construction Company
Construction contractors can contact Home Loan Insurance to customize their coverage options, limits, endorsements and exclusions to fit their operation-specific risk exposures.