Insurance Needs for Contractors and Builders

Insurance Needs for Contractors and Builders

There are several types of insurance you need for your construction business. I'll be touching on these in this post.


1. General Liability Insurance - This will protect your business from 3rd-party claims of bodily harm and/or property damage. This is generally the first insurance a new company owner buys. Anyone that has had to use it knows just how important it is to have.


2. Commercial Auto Insurance - This insurance covers your company autos. So many things can happen, so make sure your agent is aware of all the ways you will use your vehicles. They can help you decide the coverage level that is right for you.


3. Worker's Compensation Insurance - As the name implies, Worker's Comp will compensate worker's that are injured while doing their job. The more dangerous the job, generally, the more expensive the cost of insuring your employees. Think baker vs roofer. Which would you expect to cost more? It is priced based on several factors, including the amount of payroll spent for each job type, as well as claims history and other factors.


There are many more types of insurance contractors may find themselves needing. From Surety Bonds to Inland Marine and Builder's Risk policies. I may seem daunting, but know that Alabama Insurance Market is here for you if you have any questions.