Professionals in the construction industry encounter numerous hazards through their operations. Securing a comprehensive insurance portfolio can help mitigate these risks.
Our agency is ready to help you obtain the commercial insurance your business needs. Contact Kirby Insurance Agency today to get started.
What Types of Construction Insurance Are Available?
If you are a carpenter, homebuilding, remodeler, plumber, electrician or another contractor in the construction industry, commercial insurance can provide coverage for several exposures and offer financial assistance if covered causes of loss occur. This can help reduce your out-of-pocket expenses. The coverages construction businesses choose vary, and several types are typically available, including, but not limited to:
- Commercial property insurance—This may provide repair or replacement costs if your business’s property is damaged or destroyed by covered perils, such as fires or storms, or if it is stolen.
- Contractor’s tools and equipment insurance—This may provide coverage if your movable tools or equipment are damaged or lost due to a covered event.
- Business interruption insurance—This may help pay for lost income if a covered peril forces you to shut down your operations temporarily.
- Liability insurance—If your business is held legally responsible for the injuries or property damage to others, liability insurance may compensate them for their losses. It may also cover the associated legal costs (e.g., court fees, settlements and judgments). Several types of liability insurance may be available, including:
- Commercial general liability insurance
- Products liability insurance
- Pollution liability insurance
- Cyber liability insurance
- Completed operations liability insurance
- Professional liability insurance
- Builder’s risk insurance—This may provide coverage during a construction project. It may apply to the building under construction and property at the job site or temporarily stored off-site.
- Commercial auto insurance—This may provide coverage if your business-owned vehicles are damaged or in an accident. Hired and non-owned auto insurance (HNOA) may also provide liability coverage for vehicles your business does not own but utilizes for work purposes.
- Umbrella insurance—This may provide an additional layer of coverage if a liability claim exceeds the limits of your other liability policies.
- Workers’ compensation—This may provide wage replacement or payments for medical expenses if an employee suffers a work-related injury or illness.
Other policies and endorsements may be available. Speak with our agents to discuss options, limits and exclusions.
Our team is ready to help you secure a comprehensive insurance portfolio that meets your business’s unique needs. Contact us today for more information or a quote.