Construction Insurance

Construction insurance helps provide coverage to protect yourself, your company, your assets and your employees. Countless risks are associated with operating a construction company, but they can be mitigated by having adequate insurance coverage. 

What Does Construction Insurance Cover? 

 

Insurance policies for construction professionals typically include the following six coverages: 

• General liability coverage helps protect against common risks construction businesses face, such as third-party property damage, third-party bodily injury, copyright infringement and other advertising injuries, and damages caused by your completed construction or installation. 
• Professional liability coverage helps protect the construction business from lawsuits over the quality of your work or the work of subcontractors you hired.
• Commercial vehicle coverage may help cover medical bills, legal fees and property damage if a company-owned vehicle is involved in an accident.
• Loss of income coverage may help cover these losses within policy limits resulting from business interruption.
• Builder’s risk coverage may help cover the costs of damage done to a building or structure while it is still under construction.
• Workers’ compensation coverage may help cover medical expenses and lost wages for employees if they suffer a job-related injury or illness. 
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How Does Construction Insurance Work? 

 

When a construction company has insurance, it can file a claim with its insurance company. If the claim is approved, the insurance provider will reimburse the company for the damage minus the deductible. If a third party files a liability claim against the company, they can typically initiate the process and work with the insurer to receive payment. 

How Much Is Insurance for a Construction Company? 

 

Insurance policy costs vary from company to company. The following factors may have an impact on a construction company’s premium: 

• Types of construction and services provided
• Amount of property and equipment owned by the company
• Annual revenue
• Location of the company
• Number of employees 
  

Construction Insurance Quote in Peabody, MA 

 

If you are interested in learning more about construction insurance, contact Consoles Insurance Agency. We have been serving the insurance needs of individuals, families and businesses on the North Shore of Massachusetts since 1959. Contact us today to get started today!