Construction businesses carry a higher level of risk than most other companies. Though the risk level varies widely from one type of construction to another, all construction workers are in greater danger of physical harm than office workers, retail employees, or those who work in professional venues.
In addition, construction companies also run a higher risk of damaging other people’s property or causing injuries to visitors or pedestrians. For this reason, it is essential for owners of construction businesses to have the proper insurance policies to protect their workers and their bottom line.
At Blue Lion Insurance Advisors, LLC in New Jersey, we are dedicated to making sure that all of our commercial clients are adequately insured. We have a well-earned reputation for providing the most inclusive coverage at the most reasonable price. We are able to do this because we are not affiliated with any particular insurance company and so are able to make our clients’ needs our top priority.
Types of Construction Companies and Factors that Affect Risk Levels
In New Jersey, as throughout the country, the broad category of construction companies includes a large number of specialties, including the building of residential or commercial structures, electrical work, roofing, and masonry.
Risk levels for personal injuries in construction companies vary according to worksite conditions (e.g outdoor or indoor), type of vehicles and equipment used, and whether jobs involve heavy lifting, climbing, or working at great heights. Depending on other factors about the way individual businesses are run, their needs for other types of insurance will also vary. Contact us today at (732) 649-1600 or online so our skilled insurance adjusters can determine your specific insurance needs, including such policies as:
Construction Liability Insurance
The two types of liability coverage are for bodily injury and property damage. Both are crucial.
Claims covered by Construction Liability Insurance Include:
- Repairing or replacing damaged or destroyed property
- Loss of use while the damaged property is being repaired or replaced
- Injuries, i.e. medical care, funeral costs, court-awarded non-economic compensation
- Product damages caused by your company’s installation of equipment
- Personal and advertising injury to third parties who incurred a financial or personal loss
Unexpected claims against construction companies can occur at any time and destabilize your company’s finances. The sooner you contact us, the sooner your company will be protected.
Builders Risk Insurance
This type of insurance covers construction materials, equipment, and property related to construction.
Workers’ Compensation Insurance
Workers’ Comp Insurance, required by all construction companies in New Jersey not covered by federal programs, protects both employees and employers in case of a job-related employee injury. Employees benefit from being covered for all medical costs and a portion of their lost income; employers are protected from being sued for damages.
Business Owners Insurance
A Business Owners’ Policy (BOP) offers a combination of General Liability Insurance and property coverage. It protects the property you own or the space you lease and provides coverage for business interruption if you have to temporarily relocate or close after an incident, such as a flood or fire. This policy will reimburse you for things like rental costs and temporary loss of income during the business interruption.
Errors and Omissions (E&O) Insurance
Errors and Omissions (E&O) Insurance (Professional Liability) protects your business when a claim is made that your construction company damaged and/or caused financial harm to another company. E&O Insurance covers you for both mistakes made by your workers and for your failure to perform a contracted service.
Commercial Auto Insurance
If your company owns or leases vehicles used as part of the work process, this policy is needed to protect the cars and drivers from any damages incurred during the course of business.
All insurance policies have maximum limits per incident. The purpose served by an Umbrella Insurance policy is to provide you with an extra layer of protection, covering costs that go beyond the limits of another policy. Though not limitless, Umbrella Insurance could help sustain your construction business if you are faced with enormous losses.
Cyber Security Insurance
While cyberspace may seem far removed from the construction business, nearly all businesses now depend on computer systems for recording data and performing transactions. Cyber Security Insurance, which can be purchased as an add-on to General Liability, Professional Liability, or BOP policies, can be invaluable when it comes to covering expenses related to a hack of your computer system, a serious security breach, or fraudulent activity.
Contact Our Experienced Construction Insurance Advisors Now
We are well-prepared to assist you in meeting your Construction Insurance needs. Contact Blue Lion Insurance Advisors, LLC for a free consultation. We are dedicated to giving you the personalized service you need to make sure your company’s insurance coverage is Blue Lion Strong™. Get in touch with us today.