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Construction company insurance is essential to protect your business.  But what exactly is it, and why do you need it?


What is Construction Company Insurance?

This is a broad category of insurance. It includes all coverage that is relevant to work in construction.  Depending on the role you are playing in the industry, you may need different types of coverage.  Your company also offers a unique set of services and skills and this shapes the protection you need.  Some of the types of insurance that can be grouped in this category include:


1. Contractors Liability

This is general liability coverage that is tailored for construction.  Its purpose is to protect you if a third-party claims you are responsible for causing them property damage and/or bodily injury.  It assists with your legal defence as well as settlement costs.


Why do you need it? This insurance is mandatory in most states. The cost of a lawsuit is very high and could easily destroy your business.

2. Builder’s Risk Insurance

This is property replacement coverage for a building in the process of construction.  This could mean a new building or a renovation. In general it covers materials and equipment from specified causes of loss like fire, theft, vandalism and weather events.  This insurance is project specific and is highly customizable to meet the particular needs of the project.


Why do you need it? This is optional insurance but many clients will insist you have it. It is valuable protection for your project and can protect your profits.


Workers Compensation

Employers must have Workers Compensation. It covers employees that are injured at work. Liability Coverage is for third parties and does not extend to employees. This insurance assists with medical care costs as well as loss of income.


Why do you need it? This is mandatory insurance. If you do not have it you can face a hefty fine.  You will also have to pay for costs for your employee and this can be prohibitively expensive.


Commercial Auto Insurance

This insurance covers the vehicles used in your business. It assists in liability claims related to an accident, medical costs, as well as repair to vehicles. This coverage will protect your vehicles on site as well as when driven by an employee.


Why do you need it? This insurance is required by law. It is also important to note most personal auto policies will exclude covering accidents if you use your personal car for business.


What Construction Company Insurance do you need?

John Brown President Farmer Brown Insurance (888) 973 0016

John Brown – President

Your company is unique in the services it provides, the projects you work on, the number of employees you have, and your equipment and tools.  What is right for you is not ideal for another.  For this reason it makes sense to speak to the experts.  At Farmer Brown Insurance we can tailor a solution for your company.  Our commitment is to get you the right coverage for your company at the best rate possible. Call Farmer Brown Insurance on (888) 973-0016.


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