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This Guide to Cheap Construction Insurance discusses 3 of the insurance policies every small business contractor should have. Invest in these 3 policies and you will be covered against third party claims, worker injuries and property damage to the project you’re working on.

 

Buy Cheap Construction Insurance

 

If you buy more than one kind of a policy at the same time, you will get a better rate than when you buy them one at a time. Remember too, that if you shop around for a good insurance company, they will find the cheapest rate for the best coverage. At Farmer Brown Insurance, we will even get you 3 of the best quotes to choose from.

 

You should never have to pay for quotes. Also, you should never have to wait days to get a quote. And thirdly, your insurance agent should explain the small print to you as many times as it takes to understand. Insurance can be complicated.

 

The last thing you want is to discover that you don’t have the coverage you thought you were paying for. The tragedy is that many contractors find out too late that their cheap construction insurance is inadequate.

 

3 Kinds of Insurance Contractors Should Have  

 

These 3 individual policies will give you 3 different kinds of coverage. Of course there are other policies that you can add on to your program, but these should form the core:

 

  1. Contractors General Liability
  2. Workers Compensation
  3. Builder’s Risk Insurance

 

Contractors General Liability Insurance

 

This is for third-party claims, like injuries to your client or anyone visiting your job site. In most states it is a mandatory requirement. Here are just 2 of the claims covered by this policy:

 

  • Bodily injury: You are protected against certain claims that allege financial loss due to bodily injuries sustained as a result of your business.
  • Property Damage: You are covered for damage to a third party’s property.

 

Workers Compensation

 

Your General Liability does not cover employee injury. This is covered by Workers Compensation. This coverage is also required by law.

 

Builder’s Risk Insurance

 

Builder’s Risk is often overlooked. However you should invest in it because it is the one that protects the building that you are constructing or renovating. It isn’t permanent coverage, and you will only buy it for the duration of the project.

 

Here are 2 of the benefits of this coverage:

 

  • Property Replacement: You have coverage for replacement cost coverage equal to the value of the property lost.
  • Profits: In addition to covering labor, materials and equipment that are needed for new construction projects, this policy can cover profits as well.

 

Additional Insurance

 

For instance, one of the policies you can add is Errors and Omissions Insurance. This is also called Professional Liability Insurance. E&O is not just for attorneys. It is for anyone who may give recommendations in the course of their business.

 

For example, you might advise a client on structural changes. If your advice or recommendations causes mishaps, you could be held liable. Professional Liability Insurance will protect you from the financial implications of a claim.

 

Cheap Construction Insurance

We hope that this quick guide to cheap construction insurance will give you confidence when asking for a quote. We’d love to assist by answering your questions, advising you on the best coverage for your business, and giving you the best rates. Call Farmer Brown Insurance today at (888) 973-0016

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