The construction industry faces dangerous and risky conditions that require the right coverage to fully protect companies from the risk of accidents, injury, property damage and lawsuits. Developers, builders and contractors need commercial construction insurance customized to their own unique business operations; we know the risks associated with your business,  and how to protect you

Please read about following types of construction insurance to learn more about some of the specialized coverages that are needed by the building industry.

Contractual Liability
Contractual Liability protects construction companies from claims of bodily injury or property damage by third parties. It pays the necessary medical expense, legal & court fees and settlements or awards when a company is held financially liable for an injury. 

Builders Risk Insurance
Construction companies working on new building projects require builders risk policies to pay for any damages, accidents or building destruction that occurs during the course of construction including theft and fire.

Equipment Coverage
Construction equipment is expensive and hard on many budgets if it is stolen or needs to be repaired. Equipment coverage provides added protection to pay for replacement or repair of equipment or tools when needed. Items that are frequently insured by construction companies include bulldozers, backhoes, graders, cranes, pumps, compressors and other mobile tools & equipment.

Surety Bonds
Surety bonds are fast becoming a necessity for every company within the construction industry. Many state licensing requirements mandate these bonds for construction company licenses, and many private and government jobs require that contractors have these bonds when placing bids on projects. Surety bonding basically protects a project owner in the event a contractor fails to complete the project.
The four types of surety bonds include:
· Bid bonds - bidder will enter and furnish requirements.
· Payment bonds - contractor will pay those who supply equipment, labor and supplies.
· Performance bonds - contractor guarantees contract completion according to project terms.
· Ancillary bonds - those bonds that are essential yet incidental to contract performance

Pollution Insurance
Tight, environment restrictions and potential hazards make pollution insurance a growing need within the construction industry. If a contractor is responsible for spilling an environmentally hazardous substance on a job site, this insurance provides payments to clean up the spill or contamination. If a construction company is working on underground pipes and accidentally releases hazardous chemicals into the water supply, this type of policy would pay legal fees and lawsuit damages for the accident.

Commercial Auto
Many construction companies offer vehicles to their employees for driving to and from job sites and  even picking up supplies. Every state requires that companies with business vehicles have commercial auto insurance. Employees face potential work related driving accidents that could potentially result in high cost claims so business owners will want to make sure to purchase adequate amounts of commercial auto to cover this potential risk. Commercial auto covers company vehicles during transport of people or goods as well as hauling equipment and tools. It will protect businesses from bodily injury and property damage claims caused by business vehicle accidents. It also pays the cost to defend a company during a lawsuit.

Errors & Omissions
If an error in design or building creates a financial loss to a customer, a contractor with errors & omissions coverage would be protected from any lawsuit that results from that mistake. This liability protection takes care of financial damages that result from a mistake or negligence on the part of the insured. 

Builders and construction companies have unique insurance needs that require the proper amount of strategy and planning. Our expert insurance brokers can assist in selecting the right types and amounts of coverage to help fully protect contractors along with their employees, clients and equipment.