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What is construction insurance?

Construction insurance protects you, the business owner. In exchange for the premium you pay for coverage, your insurance provider will pay for certain lawsuits or events that would otherwise leave your business in a financial bind. 


Some common construction insurance policies include:

  • General liability insurance This policy covers third-party property damage and bodily injuries. For contractors, it also includes liability protection in case the services you provide or products you produce harm someone.

  • Commercial property insurance This policy pays to replace damaged or stolen business property, such as your tools and equipment.

  • Builder's risk insurance This policy protects your tools and equipment if they are stolen from a job site. It can also help pay for damages when a fire or windstorm destroys a building in progress.

  • Inland marine insurance This policy is a type of commercial property coverage that covers your tools and equipment when it's in transit. It also protects mobile equipment, like forklifts or bulldozers.

  • Workers' compensation insurance This policy cover costs related to work illnesses or injuries. Most states require businesses with employees to purchase workers' comp, especially in high-risk industries like construction.

What is a contractors / construction surety bond?

A surety bond is required in industries like construction to ensure that you abide by any rules, regulations, or laws governing your industry. Surety bonds also act as a safeguard against poor performance or dishonest behavior.

For example, if you walked off the job halfway through building a home, the surety bond you purchased would reimburse the homeowner with the funds they need to pay someone else to finish it.

If you are bonded (i.e., have purchased a surety bond), it sends a message to customers and any relevant governing authorities that you are safe to do business with because of the financial security the bond provides.

Some project types that commonly need a bid bond and performance bond:

  • Public Works Projects

  • State or County Road Projects

  • Public School Projects

  • Large Commercial Building 


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