Builders & Contractors Insurance
What Is Builders & Contractors Insurance?
Builders and contractors face unique risks in the construction industry.
Contractors Insurance is a comprehensive policy designed to protect general contractors, subcontractors, and construction businesses from liability, property damage, and work-related accidents.
Who Needs Builders & Contractors Insurance?
- General contractors
- Subcontractors (e.g., electricians, plumbers, roofers)
- Excavation companies
- Construction firms
- Remodelers and renovation companies
- Home builders
Key Insurance Policies for Builders & Contractors
General Liability Insurance: Covers third-party injuries, property damage, and legal fees.
Workers’ Compensation Insurance: Protects employees if they suffer work-related injuries.
Commercial Auto Insurance: Covers work trucks and vehicles used on job sites.
Inland Marine Insurance: Protects tools and equipment transported between job sites.
Builders Risk Insurance: Covers construction projects against damage from fire, theft, or natural disasters.
Common Risks in the Construction Industry
- On-site injuries to workers and third parties
- Property damage during construction
- Theft of tools, machinery, or materials
- Weather-related damage to unfinished structures
- Delays due to unforeseen circumstances
Most Frequent Claims in the Construction Industry
- Falls and injuries from scaffolding or ladders
- Equipment damage or theft
- Third-party property damage
- Work-related vehicle accidents
Commonly Overlooked Coverage Gaps
- Subcontractor Liability: Ensuring subcontractors carry their own coverage.
- Errors & Omissions (E&O) Insurance: Covers project miscalculations or design flaws.
- Pollution Liability: Protection for hazardous material exposure.