The construction industry has become highly complex, requiring a sophisticated understanding of the risks associated with various contractor types, equipment, property, employees and subcontractors. Insurance Inc. can help you obtain a tailored program that is right for your company. We know the markets that specialize in contracting and our staff has experience in serving the ongoing needs of a construction business. Let our knowledgeable agents help you with:
Builder’s risk insurance is a type of property insurance that insures against damage to the building during the course of construction or renovation. The building owner purchases the insurance and can add the contractor to the policy. Both residential and commercial buildings can be protected under a builder’s risk policy.
Contract equipment, which can include mobile equipment, tools, and machinery, is expensive and needs to be properly insured. Contractors equipment insurance provides coverage for damage to the equipment when on job sites, in transit or at your business location.
Contractor bonds, which are used mostly in the construction industry, guarantee a project owner that a contractor will follow the terms of a contract. Several other types of bonds common in the construction industry include:
Bid Bonds: Guarantee that a contractor will accept the contract if awarded the bid.
Performance Bonds: Guarantee that the contractor will perform the work as per the contract.
Payment Bonds: Guarantee that the contractor will pay employees, suppliers, and subcontractors.
Maintenance Bonds: Guarantee that the contractor will repair and upkeep for a period of time.