New Jersey is not only home to beautiful beaches and the quaint towns, but also growing businesses and developing communities. As continuous development is taking place, more and more construction companies are finding work, meaning business owners are looking to the advisors at Blue Lion Insurance Advisors, LLC for construction liability insurance. We are an insurance and risk management agency that works with 30 top-rated insurance carriers to find our clients the Right Insurance Coverage, at the Right Price with Superior client service.
As insurance advisors, rather than representatives of a particular insurance company, we are able to provide a broad variety of insurance options. We are well aware of the risks construction firms face and will guide you to obtain the most comprehensive and cost-effective policies to protect you from these risks. The right Construction Liability insurance will give you the shield you need if a legal judgment goes against your company.
For construction companies, we make certain that our clients have the Construction Liability insurance required for licensing as well as any additional coverage necessary to protect them in the case of expensive lawsuits as they engage in their essential work.
If you own a construction company anywhere in New Jersey, you owe it yourself to contact Blue Lion Insurance Advisors, LLC. at (732) 649-1600 or online. We will consult with you at no charge to ensure that you have the proper policies to keep your company safe and thriving.
Required Coverage for New Jersey Construction Companies
In most cases, Construction Liability insurance plans are required in order to obtain a construction or contractor’s license or permit in the state of New Jersey. Construction Liability Insurance will protect your company from claims of injury and damage of property that is not your own as well as claims on people you do not employ. If you are a residential general contractor, developer, or specialty contractor (e.g., electrical, plumbing), it will cover not only medical costs and property repair or replacement, but also legal costs.
Two Types of Construction Liability Insurance
There are two types of liability coverage: bodily injury and property damage. Both are crucial since the nature of construction work always involves an element of risk. Workers may accidentally damage property or cause injuries by mishandling materials, heavy vehicles, or powerful equipment, all of which are risks that the proper insurance can protect against.
Claims Construction Liability Insurance can Cover Include:
- Repairing or replacing damaged or destroyed property
- Loss of use while 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
Unfortunately, unexpected claims and lawsuits against construction companies like yours can occur at any time. The sooner you contact Blue Lion Insurance Advisors, LLC, the sooner you can rest easy, knowing your company is protected.
Other Necessary Coverage
Bodily injury and property insurance are not the only forms of construction insurance your NJ contacting company will require. Our experienced insurance advisors have worked with many construction companies over the years and know that other coverages you should consider include:
- Builders Risk Insurance to cover contractor’s materials, equipment, and property related to construction.
- Workers’ Compensation to cover jobsite injuries or fatalities of employees for:
- Medical expenses
- Lost wages
- Ongoing recovery costs
- Legal fees of a lawsuit claim
- Funeral costs and death benefits
It should be noted that while Workers’ Compensation insurance covers employee
injuries, it does not cover other injured parties. This is why you require Construction
Liability insurance as well.
- Commercial Auto Insurance to cover all commercial vehicles used during the construction process.
Limits on Construction Liability Insurance
Like all insurance policies, Construction Liability insurance has caps on payable amounts. There are two types of caps: per occurrence and aggregate. The former is a limit on the amount payable for a single incident; the latter is the total amount the insurance company will pay for claims made during a particular time period. When you contact Blue Lion Insurance Advisors, LLC, we will discuss the caps on any policies you are interested in.
Variables that Affect the Cost of Construction Liability Insurance
Our insurance advisors are aware that cost is always a factor in purchases, including the purchase of insurance products. We have the information and insight to help you make the best decision for your company when purchasing Construction Liability Insurance. Several factors may affect the cost of your Construction Insurance policy, including:
- Credit history of the business/ policyholder/ parties to be insured
- Experience of business/ policyholder
- Size of the project or business
- Location of the project or business/ contractor
- Coverage limits and deductibles
- Risk level of the type of construction being done
Generally, Construction Liability insurance is high because construction is a high-risk enterprise. Nonetheless, the less risky your business statistically, the lower your costs will be. And, of course, the fewer claims you have made in the past, the less the more favorable you will appear in the insurance carrier’s eyes.
With Blue Lion Insurance Advisors, LLC looking out for your best interests, you can feel confident that you will get the best rates possible.
Contact Our Experienced Construction Liability Insurance Experts Today
The last thing you need going forward in the construction industry is a lawsuit that threatens your profit margin. Make certain you have our professionals working for your team. Remember, our loyalty is to you, not to any insurance company. Contact us now to make your construction company’s insurance Blue Lion Strong™.