Reduce your contractual risk with HUB Contract Review
HUB Contract Review, an artificial intelligence technology and service solution, helps make any contract review with insurance or indemnification faster and easier.
Building Financial Resilience
Building financial resilience into your business allows you to ride the ups and survive the downs of the cyclical construction industry. Learn more below:
Manage Claims, Control Costs
Subcontractor Default Insurance (SDI) offers owners, lenders and general contractors enhanced protection for losses incurred when a subcontractor does not meet their contractual commitments. SDI enables more control over subcontractor default process and provides the financial flexibility needed to deliver projects on time and on budget even when a default occurs.
Download our SDI Checklist to see if this innovative solution is a fit for your business.DOWNLOAD CHECKLIST
Explore Controlled Insurance Programs
Controlled Insurance Programs (CIPs) are often the best — or only — option to obtain the insurance coverage limits necessary to begin large projects. Watch our video on CIPs to learn more.Watch the video
Prequalify Your Contractors and Subs
As a contractor trying to meet tight deadlines and budgets, building financial resilience into your business is essential. Prequalifying your contractors and subcontractors ― for every job, every time ― is an important step in achieving this goal.
Download our contractor safety prequalification toolkit for actionable information and resources.Get the ToolkitNext :Get Back to Basics
Get Back to Basics
Refocus on managing project cash flows, monitoring project under-billings and deploying well-trained crews safely and productively.Next :Choose Jobs Wisely
Choose Jobs Wisely
Only bid on work for which you have expertise, can deliver with solid profit margins and can staff appropriately.
Create a Resilient Supply Chain
Know the difference between an efficient supply chain and a resilient one — and learn how to build the latter.
Watch our Webinar: Capitalizing on the Infrastructure Act
The Infrastructure Investment and Jobs Act (IIJA) will allocate $1.2 trillion for federal, state and local governments to rebuild and repair infrastructure across the U.S.
Watch this on-demand webinar to learn where the first round of IIJA funding is going, as well as upcoming deadlines and qualification requirements.Watch on Demand
Subscribe to Stay In The Know
Subscribe to our newsletter for more insights on how to build financial resilience into your construction business.Subscribe Now
Capitalizing on the Infrastructure Act
Understanding the Opportunities Ahead
Construction Insurance FAQs
It depends. Construction insurance isn’t a single policy that every contractor needs to buy. It’s a collection of separate policies designed to protect you under certain circumstances and for specific risks. Most contractors will need to consider these policies:
- General Liability/Construction Defect Liability: protection from bodily injury and property damage arising from accidents or allegations of negligence.
- Professional Liability: protection against charges of negligence for professional errors and omission that could cause economic and physical damage and destroy your reputation.
- Property/Builder’s Risk/COC-Course of Construction: property insurance specifically designed to cover property during construction, including new projects, renovation and repair.
- Commercial auto insurance: protection during transportation of people and property including physical damage to vehicles and liability bodily injury or property damage.
- Inland marine exposures: protection for equipment, tools and materials on-site, in storage or during transport.
- Environmental insurance: protection from 1st and 3rd-party bodily injury and property damage claims, direct costs and project delays associated with clean up arising from pollution events.
- Workers’ Compensation/Employer’s Liability: protection for employees who sustain injuries and illness while on the job.
- Cyber: protection from direct losses and legal liability claims impacting the arising from a cyber breach or related event, including direct economic damages, cost overruns and schedule delays.
- Management Liability: Suite of coverage to protect protection to the company, directors and officers from alleged breaches of fiduciary obligations, employment practices and other claims.
Consider factors related to the policy:
- What is the difference in coverage between the policies? Does one policy cover something the other policy doesn’t?
- Are you comfortable with the deductible?
- Are the limits sufficient?
Consider factors related to the insurance companies:
- How long has the insurance company been in business? How long have they offered construction insurance?
- Do they understand my business? How much experience do they have?
- What is their credit rating? Do they have a strong reputation for great customer service, risk control capabilities and claims settlement when it matters most?
A broker should make your life easier. First, you’ll want to be sure the broker has other clients with businesses like yours. This means the broker is familiar with the construction industry and its risks and can knowledgeably advise you on the coverages. They should have experienced experts to handle both your insurance and Contract Surety needs. Additionally, the broker has access to the broader marketplace and can get quotes from a number of insurance companies. Your broker should serve as a resource, helping you review contracts and introducing you to certified risk managers who will partner with you to develop and implement an effective risk management program. Finally, a broker must be equipped to advocate on your behalf in case of a claim.
Contractor's Survival Guide in a Hard Insurance Market
Learn how you can manage rising insurance costs and facilitate smoother insurance renewals.