Contractors Insurance
Construction Developers and Owners
Professional Construction Services
Subcontractors Insurance
Waste Management InsuranceConstruction Insurance: The Foundation You Need for Success
No matter what role you play in your industry, you’re in a high-risk business — one that requires proactive and affordable construction insurance and risk management solutions.
Our construction insurance and surety specialists understand that whether you’re working on residential, commercial or municipal projects, you operate in an industry that is complex and highly competitive, often dangerous, and closely regulated.
We can help, with construction insurance solutions tailored to the unique needs of:
- General contractors
- Subcontractors/specialty trade contractors
- Professional construction services firms
- Developers and owners
Our construction insurance coverage can accommodate a wide array of professions such as:
- Carpenters
- Electricians
- Roofers
- Painters
- Plumbers
- Interior construction workers
Our advisors can help you create a construction insurance policy that has everything you need to protect your business from lawsuits, injuries, and other risks. We can help you manage risk with solutions that address:
- General liability - this policy helps protect your organization from potential lawsuits that can arise from accidents or allegations of negligence to client property
- Commercial auto insurance - unique coverage for both long and short haul transportation, towing, property damage, and instances such as bodily injury to drivers or physical damage to vehicles
- Workers’ compensation - cover employees who sustain injuries and illnesses in the course and scope of employment
- Professional Liability - protect yourself against charges of errors, omission or negligence that could destroy your reputation or business
- Construction Defect - protect against claims of negligence in the construction of a building or structure
- Environmental Insurance - coverage during an environmental incident related to cover yourself if the disposal of hazardous waste or handling of hazardous materials results in pollution
- Inland marine exposures - ensure your contractor’s equipment, tools and materials, hull and cargo are covered
- Builder’s Risk - cover property losses due to fire, water damage, explosions, ordinary wear and tear, and damage resulting from faulty design, planning, workmanship and materials
We’ll partner with you from bidding to completion, and find the right construction insurance and risk management solutions to:
- Influence your experience modification rate to help control your premium rates and maintain your prequalification status
- Reduce your workers’ compensation claim costs and premium rates
- Satisfy your performance, payment and other bond requirements
- Protect against the financial impact of general, commercial, professional, site-specific and other liability claims
- Develop and maintain a robust employee benefits program that helps attract and retain a skilled workforce
With our deep understanding of the unique practices and needs of the construction industry, we’ll work with you to create construction insurance, risk management and surety solutions that lay a foundation for your success.
Contact a HUB construction insurance expert to get started.
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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.
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