Construction Insurance in Mineola, NY

The construction industry consistently ranks as one of the most dangerous among U.S. employers. Even the most well-maintained job sites populated by particularly adept and experienced companies include inherent risks and perils, including tasks conducted at height, sharp instruments, hazardous materials and heavy machinery. Given these constant threats, your construction firm should be well aware of its insurance needs and fully committed to addressing them with appropriate coverage.

What Is Insurance Used for in Construction?

Purchasing and maintaining the right insurance portfolio is among the most critical decisions your business will ever make. Although construction insurance is a common term, it does not typically refer to a single type of policy or coverage. Rather, you’ll likely need to assemble adequate insurance from various components, each potentially helping to cover possible accidents, incidents, liabilities and other financial risks.

What Types of Coverage Do I Need?

Construction insurance needs can vary significantly depending on various aspects of your business, including the scope of projects, the types of work you conduct and your location. Still, the following types of policies are generally needed in many situations:

• General liability insurance may offset third-party bodily injuries, property damage and personal and advertising injuries you cause.
• Commercial property insurance may cover your business’s buildings, equipment, inventory and tools while on your company’s premises.
• Inland marine insurance may extend the coverage of commercial property insurance to financially protect assets being transported or stored at job sites.
• Builders risk insurance may assist with losses involving structures being worked on, including those being built from the ground up or renovated.
• Workers’ compensation insurance may render financial aid for fallout after employees’ on-the-job injuries or illnesses.
• Professional liability insurance may offer coverage for legal expenses and losses if a client alleges that you provided incomplete services, inaccurate advice or otherwise were inadequate in performing your duties.
• Commercial auto insurance is needed to potentially offset losses if your business uses motor vehicles.
• Business interruption insurance may assist with ongoing expenses and reduced revenue if a covered incident disrupts normal operations.
• Commercial umbrella insurance may establish a secondary layer of liability coverage for severe incidents where losses exceed the limits of other policies.

Are Contractors Required to Carry Insurance?

Insurance-related requirements for contractors can vary significantly depending on the scope of a project, its location and other unique circumstances. In most cases, workers’ compensation insurance is needed for all employees working on a project, although a general contractor’s policy may extend to workers employed by subcontractors. This should be verified for all projects in which your business participates. Commercial auto insurance is typically required by law if your company uses motor vehicles for business purposes.

We’re Here to Help

Contact North American Marketing Specialists Inc today to learn more about construction insurance or compare personalized quotes for suitable coverage.