Construction’s Diverse Landscape
The construction industry encompasses a wide variety of projects, specialties, and types of job sites. From small home remodels to building brand-new football stadiums, construction is a field that has unique insurance needs.
While many different genres within the profession exist, there are risks associated with each. Let’s look at the various types of commercial insurance you should consider in the construction industry.
Types of Insurance in Construction
The following are types of insurance available to those in the construction industry:
- Excess Liability: In addition to general liability insurance, excess liability insurance covers personal and property claims that go above and beyond your traditional policy limits.
- Construction Liability: A construction liability policy is another liability coverage tailored to the type of work in which you specialize.
- Workers Compensation: This type of coverage pays employee’s medical bills, treatment, and compensation if injured or disabled on the job site.
- Builders Risk: Builders risk insurance is a type of property insurance designed to protect structures under construction.
- Commercial Auto: A commercial auto policy provides coverage for any company vehicle.
- Inland Marine: This type of insurance covers business property in transit via truck or train or stored temporarily in a warehouse.
- Lender Required: If you borrow money to fund a construction project, the lender will likely require specific insurance to protect their investment.
- Flood Insurance: Depending on your job site location, flood insurance may be required to protect property.
- Business Interruption: If operations are paused, business interruption insurance covers losses associated.
Overall, your business may or may not require every type of coverage listed above. Be sure to consult your trusted insurance agent to determine what is necessary.
Please contact Steve Longenecker (303-808-9351, x2) at Mountain Insurance: Longmont to discuss your business insurance coverage options in Longmont, CO, and our neighboring communities.
We give out $25 gift cards for referrals that become our insurance clients.
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