Construction sites carry a handful of potential dangers, such as heights, hazardous materials, and equipment. While on-site injuries or mistakes can certainly be avoided, they are sometimes inevitable. Therefore, it is crucial for construction companies to be properly insured. The protection that construction insurance provides can mean a big difference down the line.
At the JMG Insurance Agency, we are dedicated to providing construction insurance policies that are catered to the unique needs of the construction industry.
Protect Your Contracts With Construction Insurance
Construction is a profitable industry to be in, but not a simple one. Depending on where you work, there are a variety of laws and regulations that you’re expected to adhere to. Insurance is not a simple matter, and you want to make sure that you can do your job without your insurance negatively impacting your contracts.
Areas of Coverage For Construction Insurance
There are many factors that play into the type of insurance a certain project requires. These include a person’s role or relationship to the project, whether it’s a business or individual purchasing the insurance and the locality of the project. Construction sites require a certain level of protection, and construction insurance is able to provide it.
Builders Risk Insurance
Builders risk insurance, more commonly known as course of construction (COC) insurance, is coverage for buildings and structures that are currently under construction. Coverage of this insurance will protect buildings from theft, vandalism and storm damage. Depending on the type of construction project at hand, this policy can also offer “premium coverage” for larger projects.
Commercial & Contractor General Liability Insurance
Safety of employees while on the job site shouldn’t come as a second thought. Though the use of commercial general liability insurance, construction sites are able to be safer for all those involved. This liability protection is common within construction insurance policies, and provides protection against various areas. These areas include:
- Faulty Workmanship
- Job-Related Injury
- Advertising Injury/Defamation
In order to win most projects, a level of liability insurance must be in place. While in some states this is required, most construction contractors will choose to have it in place for the health and safety of the staff as a whole. Companies who have this policy in place gain an advantage on the competition, as it allows for an easier tactic in winning projects.
Consequences of Not Having Construction Insurance
While the only area of construction insurance that is required by law is commercial auto insurance, contractors will have high difficulty winning contracts without proper insurance in place. Without proper insurance, contractors aren’t showing full commitment to projects and the safety of their team. By having a proper construction insurance policy in place, it ensures the success of the project and the team as a whole.
Same Day Certificates & Client Portal Access
Have a last minute job and need an insurance certificate? Our customer service reps guarantee same day certificates during office hours, and all clients have the option of utilizing their own service portal so that they can generate certificates themselves. We believe that insurance should be fast and easy, and we try to ensure our clients have an experience like that.
Speak To An Experienced Insurance Agent Today!
New to your business and not sure what coverages you need? Unsure of how to go about your audit? Our agents at JMG Insurance Agency will ensure that you have the insurance that you need to go about your business and if you have questions, we’ll have answers. Request a free insurance quote today and get started on your insurance journey!