When building contractors take on a project, they assume a great deal of responsibility beyond the execution of the work—including financial liability for property damage, jobsite injuries, and other oprerational risks. Finding the right insurance coverage to account for these risks can be difficult, particularly in strict regulatory districts. That’s why it’s important to find a qualified professional who specializes in the coverages necessary for your trade in your area.
Something that many businesses don’t know is that commercial insurance companies have preferences for the industries that they insure. By using our quote matching system, you’ll gain access to a provider network made up of some of the industry’s most trusted carriers. Our team will match you with the one provider that is the best fit for your business at a competitive rate.
As a contractor or subcontractor, the type and extent of coverage needs will vary based on your trade, equipment, business size, and local regulatory requirements, but there are a few types of coverage that are common across trades and regions:
Builder's risk insurance is a special type of property insurance protects a builder or owner against damage that occurs to new or existing buildings that are under construction.
General Liability is useful for almost any business, but it is especially important for construction businesses since it helps cover risks common to job sites like injuries to third-parties and accidental property damage.
Tools and equipment insurance is a type of inland marine insurance that provides coverage if essential and expensive tools get destroyed or stolen. You can add this as a supplement to your insurance policy to typically cover heavy and rare equipment that can be difficult to replace and find.
Worker’s Compensation is another type of coverage that accounts for common construction risks and potentially pays for lost wages and other expenses in the event that an employee suffers from a job-related injury or illness. A business with no employees would be exempt from this coverage requirement.
Commercial Auto Insurance can provide financial protection for vehicles being used for work-related travel or to transport tools and equipment. Commercial auto can also be expanded to cover fixtures and mounted storage. Note that if a business owns larger vehicles like cement trucks or semis, that will fall into the category of commercial trucking insurance.
Something many businesses don't know is that commercial insurance carriers have preferences for which types of businesses they insure.
The problem for most business owners is that they don't know which carrier is the best fit for their business, leading to high premiums or declined applications for coverage .
The 321 LaunchPad is connected to the largest network of commercial insurers available anywhere. We match your business with a qualified insurer so you get the right coverage for a fair price.