Constructing the ideal insurance coverage.
Construction Insurance Coverage For Your Business.
Construction insurance isn’t one-size-fits-all. A specialized construction business policy allows you to easily customize and simplify your insurance coverage to ensure that your business’ unique needs are protected.
Insuring a construction business is vital to its future growth and success. Knowing what your construction business insurance covers and the best coverage options is where we come in. Strickler Insurance is dedicated to providing quality insurance coverage to your labor or construction business. With our commercial insurance, we are able to cover anything from your workers’ compensation insurance to general liability and builders’ risk insurance.
Besides insurance coverage for your business, we are able to provide your employee benefits. From group health and life insurance to vision and dental. By getting coverage from Strickler Insurance you can make us the one place to manage all of your construction insurance and construction benefits needs. Contact us for a free construction insurance quote today.
Construction Company Insurance Coverage
Our insurance services at Strickler insurance include the coverages listed below along with so many more. One thing we know with over 160 years working in construction insurance is that no construction business the same. There are different types of construction insurance. Some construction industries work in higher-risk conditions, others are affected by the weather and seasons while all construction companies have employees that might have workers’ compensation claims.
Whatever type of construction business you own, we have a team of construction insurance agents that are experts in your industry.
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Commercial General Liability Coverage
As a contractor, your business may be susceptible to many risks, such as claims due to bodily injury, property damage, personal injury, and more. And, if you hire other contractors to perform work on your behalf, you can be held responsible for any damage they cause on the job.
Commercial general liability insurance is an absolute necessity for every contractor. This type of protection provides broad coverage for premises, operations, products, and claims to third parties or property when you are deemed responsible and liable. It will also pay to defend any covered lawsuit or action regardless of its merit.
Commercial Property Coverage
When a fire, theft, or another type of disaster strikes, your commercial property and everything within it can suffer a significant loss. This can have a detrimental effect on your business.
Commercial property insurance can help protect the property your business owns and leases, including things like equipment, inventory, furniture, and fixtures. Whether you own your building or lease your workspace, commercial property insurance can be purchased separately or can be combined with other necessary coverage to protect your business’ physical assets.
Contractors' Equipment Coverage
You’re constantly moving your tools from one job site to another, exposing your contractor business to potential loss due to damage or theft. And without your specialized tools and equipment, your job site may come to a screeching halt.
As a contractor, you need contractors' equipment insurance - a policy specially designed to protect your tools and equipment on the move. The policy will cover equipment for a variety of losses, including fire, explosion, vandalism, theft, collision with other equipment or objects and overturning. Unlike standard commercial property insurance policies, contractors' equipment insurance often covers losses caused by floods and earthquakes.
Builders Risk and Installation Insurance
A building under construction is not covered under a standard building insurance policy or a home insurance policy since it is not a complete structure. As a contractor, you may be responsible for unique loss exposures related to buildings under construction such as the theft of building materials and high valued equipment such as generators and compressors.
Builders risk and installation insurance provides coverage for homes or buildings while undergoing construction, until they are completed. The policy covers the contractors’ interest in materials at the job site before they are installed, construction materials in transit designated for the contractors' equipment insurance–a policy specially and the value of the property being constructed until it is completed.
Workers’ Compensation and Employers Liability Coverage
If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper coverage in place.
Workers’ compensation and employers liability insurance protects your employees should a job-related injury or sickness occur during the course of employment. Since benefits vary by state law, make sure your insurance agent is aware of all physical locations your business operates in and all physical locations where you hire your employees.
Business Auto Insurance
As a contractor, you have many exposures associated with your business vehicles–owned or leased. With a fleet of cars, trucks, vans, or other types of vehicles used in the course of business, a single accident can potentially put your contractor business in financial jeopardy.
Business auto insurance provides coverage for vehicles owned or leased by a contractor and provides coverage for bodily injury, property damage, and other exposures, and could include comprehensive and collision coverage as well.
Hold Harmless / Additional Insureds
If you are performing as a contractor on a construction project where other contractors and vendors are involved, you could be held liable for any damages or injuries caused by the other contractors or vendors, leaving you with costly legal fees and settlement costs. Your business needs to be protected against the risk of some other company, vendor or subcontractor causing damage to people or property of your mutual customer.
Consider having a contract in place with each entity that includes a hold harmless agreement in your favor. A hold harmless agreement provides that the entity will hold you harmless for any injuries or damage caused by their negligence. In addition, the contract should require that the entity list you as an additional insured on their policy. This may provide you with coverage under their policy for injuries or damage they cause if you are named in a lawsuit.
Commercial Umbrella / Excess Insurance
Losses and lawsuits are quite common in the construction business, and settlements can be substantial. If your business is found to be responsible for damage or injury on the job site, you could be facing a large liability loss that exceeds the basic limits of your standard policy.
You should consider purchasing a commercial umbrella insurance policy which provides higher limits, typically between $2,000,000 and $10,000,000, and often broadened coverages. Coverage is extended over your general liability insurance, workers’ compensation, business auto, and directors and officers liability insurance. It provides a great safety net and helps ensure your contractor business is well protected.
Business Owners Insurance For Construction Companies
Most construction businesses need liability insurance as well as business property insurance. What a business owner policy (BOP) does is it combines the two. Why would you want to combine the two? For a construction business, this coverage means you will essentially be paying into one coverage that protects multiple aspects of your company. This can result in more affordable construction business insurance and a larger umbrella of protection of your labor business’s assets.
Construction Company’s Workers’ Compensation Insurance
Remember also to get crew workers and office employees workers’ compensation insurance. This is typically mandatory and protects your crew workers against lost income and medical bills from workplace injuries. Workman’s compensation for a construction company is vital to its survival as well as retaining crew workers. A lot of labor businesses can experience downtime in the winter months. With the increased risk of injury on the job, having a workers’ compensation plan that is customized to your construction industry is so important. Get a free quote on your construction company’s workers’ compensation insurance.
Liability Insurance For Construction Companies
If you don’t want to group your construction liability insurance coverage with your property insurance you can get just liability insurance for your construction company. Look around your business as you read this from your phone or desk. Think about your employees, your equipment, buildings and your client’s property. If any of that was subjected to damages your construction business would have to pay for it could put your whole business at risk. With liability insurance for your construction business, you can ensure the future of your business and the protection of everything that makes your company function.
Protect your machinery and construction equipment against damage or loss from fire, theft, flooding, and other risks. Construction insurance coverage against loss of income if you are unable to carry out work because your equipment is damaged can lead to the survival of your labor business.
Builders Risk Insurance For Construction Companies
Most construction companies build and construct, hence the name. That is why we provide Builders Risk insurance. In construction, there can be a lot of risks. From damaged construction materials to washed out job sites and broken down vehicles. Or, if a situation like Covid-19 happens there is a likelihood that your materials will sit in the weather and rain. A builders risk policy can help cover your construction business in these situations.
Employee Benefits for A Construction Company
If you can package your construction company’s benefits with your insurance coverage you can get excellent discounts. Besides making your construction coverage affordable, you will be able to retain your crew and office workers. Research indicates employee benefits help retain employees in a variety of industries including construction. By partnering with Strickler Insurance for your construction company’s employee benefits and insurance needs you can lead your labor business toward future success.
Typical Construction Insurance Coverage
- Construction Business Owners Policy (BOP): Getting a business owner’s policy for a construction business is essentially a bundle of business insurance coverages designed to protect your business. A BOP is essentially a combination of liability insurance and property insurance all in one policy. Bundling your business insurance usually makes it more affordable.
- Construction General Liability Insurance: Liability insurance for a construction business is so important to have. Protecting yourself from lawsuits or liability your business might sustain. Not having liability insurance could result in your business being forced to close.
- Construction Workers’ Compensation Insurance: Having workers’ compensation for your construction business employees is so important. Not only is it required by the state that you have workers’ compensation for your construction business but it also helps save you money. By having workmans’ comp you are more likely to retain employees.
- Construction Business Crime Insurance: When running a construction business you know there is potential for robberies to occur. Having crime insurance for your business will protect you, your business, and all of your assets.
- Construction Cyber Liability Insurance: Cyber liability insurance is something almost every business needs. Think about any aspect of your construction business that is present online. Imagine if any of that information or data were stolen or destroyed. Lacking cybersecurity has the potential to not only damage your business and reputation but to fully close your construction business doors.
- Construction Property Insurance: Having property insurance for your construction business will protect your organization’s assets and investments. Be prepared for fire, flooding, theft, or accidental damages that can occur on your construction business property.
- Construction Umbrella Insurance: Having umbrella insurance for your construction business is such an effective way to protect your business. Umbrella insurance takes all of your existing construction business insurance and increases its effectiveness with additional payout coverage.
- Construction Commercial Auto Insurance: Another insurance you might need is commercial auto for your construction business. Vehicles are one of your largest investments, make sure you protect them.
Construction Employee Benefits
- Construction Health Benefits: Get group health insurance for your construction business employees. Keeping employees at your construction business can be difficult, but by offering health insurance you can increase employee retainment and health for your whole organization.
- Construction Vision Benefits: Get vision benefits for your construction business employees. Not every business offers group vision insurance, especially not every construction business. This benefit will help your employees see how much you care about them and their vision.
- Construction Dental Benefits: Get group dental insurance for your construction business employees. Providing dental benefits makes your business stand out to potential employees.
Contact Strickler Insurance For Your Construction Company’s Insurance Coverage
Contact us for all of your construction company’s insurance needs. Get your construction business insurance in Lebanon PA, in Pennsylvania or one of our neighboring states. We are located in Lebanon, Pennsylvania and serve construction businesses from Pennsylvania, Maryland, New Jersey, New York, Delaware and Virginia. Contact us for a free construction company insurance quote today.
If you need any help choosing the right construction insurance policy, contact us today.
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