Construction Insurance in Montrose, CO 

A building project carries risk from the first day of site prep to the final walkthrough. Standard business insurance may fall short of what active construction work demands. Construction insurance is built around the specific exposures associated with this industry, and understanding what different types of coverage can provide helps you make informed decisions before a problem occurs.

 

What Construction Insurance Covers

Construction projects regularly involve moving equipment, rotating crews, expensive materials and third-party liability, often all at once. Home Loan Insurance can help you build a robust insurance portfolio that includes a combination of the following:

• Builders risk insurance may cover structures under construction against fire, theft, vandalism and some types of severe weather damage while the project is ongoing.
• General liability insurance may financially protect against bodily injury or property damage claims from third parties, including clients and neighboring property owners.
• Commercial property insurance may offset losses involving physical property at a business’s fixed location, including buildings, furniture, electronics and inventory.
• Workers’ compensation insurance may provide financial support following employees’ work-related injuries or illnesses.
• Inland marine insurance may cover equipment, tools and materials in transit or stored at job sites away from a fixed business location.
• Commercial auto insurance may financially protect business vehicles used to haul materials, transport crews or move equipment between sites.

 

Are Construction Insurance and Contractors Insurance the Same?

Although the terms are sometimes used interchangeably, construction and contractors insurance are not necessarily the same. Contractors make up much of the industry and may require the same types of insurance as larger construction firms; however, they often retain lower policy limits and require less versatile coverage due to more specialized operations and, potentially, smaller workforces and lesser revenue. Neither typically refers to a single policy, but rather a collection of coverages that address each business’s unique risks and circumstances.

 

Get Optimal Coverage Before the Project Starts

Contact Home Loan Insurance today to explore construction coverage options in Grand Junction and throughout western Colorado. Our team is ready to answer your questions and help you build a policy that fits the scope and risk of your construction work.