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Construction Insurance in Burbank, CA

The risks of the construction industry are as multifaceted as the professionals working within it. Plumbers, electricians, remodelers, drywallers and other contractors have unique perils to account for. Commercial construction insurance is vital for financial protection. 

What Is Construction Insurance? 

Construction insurance generally refers to various coverages that are put together to form a well-rounded insurance policy. The coverages a business or independent contractor chooses will depend on the risks inherent in their line of work. However, many coverage options are suitable for numerous construction operations.  

What Are Some Types of Construction Insurance? 

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Coverage available within a construction insurance policy may vary by insurer and policyholder preferences. Standard coverages available for a construction policy include the following: 

  • Builder’s risk insurance may help cover a building under construction, including property stored at the jobsite and building materials. 
  • Contractor general liability coverage may help cover situations where a third party alleges that a contractor caused losses or damages to them or their property while on-site or at the contractor’s place of business. 
  • Completed operations liability coverage may help cover instances where a third party alleges losses or damages as a result of work completed by a contracting business. 
  • Commercial property insurance may help cover a business’s physical building and its contents from covered perils. 
  • Tool and equipment insurance may help cover equipment and tools transported between locations.  
  • Commercial auto insurance may be necessary for construction businesses that rely on vehicles as part of their operations. 
  • Umbrella insurance can expand liability limits of other coverages (e.g., general liability), adding additional financial security if a third party files a lawsuit against the business. 

These are only some of the coverages available to businesses and contractors in the construction sector. Your Roman Empire Insurance, Inc. agent can help explain other potentially necessary insurance, such as workers’ compensation coverage. 

Why Does My Business Need Construction Insurance? 

Generally, construction businesses and independent contractors require insurance to protect their operations from unexpected financial setbacks. Going without insurance could easily lead to financial ruin in the face of a client lawsuit or property loss. Some clients may even require proof of insurance before entering into a contract.  

Moreover, insurance may be legally required in certain cases. For instance, commercial auto insurance is required for business vehicles in California. Construction businesses may also require workers’ compensation; however, independent contractors may have their own rules in this area.  

How Much Does Construction Insurance Cost? 

The price of construction insurance can vary depending on the insurer and selected coverages. Cost can also be influenced by the size of the business and chosen policy limits. Adding more coverage and higher limits to a policy typically translates into higher insurance costs but can provide greater protection than a slimmed-down policy. 

Contact Roman Empire Insurance, Inc. today to learn how construction insurance can protect your operations. We can help you review multiple coverage options to tailor a policy to your unique business needs. 

LIC# 0k85705

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