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Whether your construction business works on skyscrapers or tree houses, there’s plenty of risks involved. And where there’s risk, there’s a need for protection from it. The right blend of coverage can help limit your financial risks from job site injuries, equipment damage, accidents and more.

Don’t worry, though. Here at First Underwriters we have seen it all before and are here to help connect you with the proper protection for the best value. 

At First Underwriters, we are kind of like the Google of insurance quotes. You tell us what you’re looking for, and we bring in the results. And since we aren’t tied down to one carrier, we’re free to shop around and bring multiple policy options to the table. 

But it doesn’t end with your signature. Along the way, if something bad ever happens, we will handle the entire claim process for you and deal with the carrier, so you can focus on your construction empire. 

4 Types of Risk Construction Companies Face

  • Property damage: Damages to company property or equipment
  • Income loss: Loss of income due to business interruption from events like fire or severe storm damage
  • Employee injuries: Job-related injuries, illnesses, or deaths
  • Liability risks: Injuries or property damage caused to others not associated with your company

Who Can Benefit From Construction Insurance?

Well, anyone who builds structures like homes and buildings for others. But specifically:

  • General contractors: Oversee the whole construction project
  • Heavy contractors: Construct streets, roads and infrastructure
  • Home improvement companies: One-person remolders to larger renovation companies
  • Specialized contractors: Masons, carpenters, framers, plumbers, and electricians
Construction Insurance Coverages

Insurance exists for the purpose of protecting persons and organizations from the adverse financial consequences of certain unpredictable events, regardless of the coverage line being considered. For general liability insurance, the unpredictable event that constitutes the subject of the insurance is a claim of legal liability arising out of a company’s operations, premises, products, and completed work.

Umbrella liability insurance and excess liability insurance are two forms of secondary coverage—that is, they both sit above one or more underlying liability policies and do not attach until the underlying policy’s limit of insurance has been exhausted.

The Commercial Auto policy will pay “sums” for which the insured is legally liable because of bodily injury or property damage to which the insurance applies. Therefore, while covered bodily injury or property damage is required to trigger coverage, recovery under the policy can actually go beyond these types of damages.

Employee Benefits Liability insurance provides coverage to an employer for errors or omissions in the employer’s administration of its employee benefit program.

The Employee Benefits Liability coverage would pay for the benefits that would have been payable under the health insurance plan but for the employer’s error.

Commercial property  is the policy that an organization purchases to pay for damage to its own buildings and the personal property in them. A commercial property policy can also cover loss of income or increase in expenses that result from insured damage to buildings and their contents.

A business income coverage form is an extension of the commercial property type policy which funds a company’s loss of income due to a slowdown or temporary suspension of normal operations which stem from damage to its physical property. Coverage typically includes the loss of income but excludes ordinary operating expenses. 

Crime and Fidelity Insurance protects the actual money you have in the operating account and reserve accounts. Crime and Fidelity Insurance protects the money from embezzling, check fraud, invoice padding or false invoices, computer fraud and wire fraud.

Your accounting firm may store employee and customer data, like social security numbers, credit and debit card numbers, and contact information. If any of this information gets lost or stolen, data breach coverage can help pay the costs to:
  • Notify impacted individuals
  • Manage public relations
  • Deliver good faith advertising

You can think of this as construction site insurance. It provides coverage specifically for on-site property damage of a site under construction. This coverage varies by company, but typically covers the construction materials you’re using on site. The coverage limit is based on the value of the structure when completed.

If you provide consultation, design work, or advice as a part of your professional services, this liability coverage can protect you. Also known as “errors and omissions” insurance, it’s designed to cover potential claims due to a loss that a client may experience from your services.

- Construction Insurance & Bonding -

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