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Crosswinds Insurance Agency has insured several contractors in the Carolinas ranging from Electrical Contractors, HVAC Contractors, Masonry Contractors, Grading Contractors, Plumbers, Tile & Hardwoods Contractors to Carpenters.
Construction insurance can be particularly complex. There are a number of different types of insurance coverage you may need to fully protect your construction industry business. When you work with an independent agent like Crosswinds Insurance Agency, you have the benefit of advice from an insurance professional and the convenience of having all your coverage needs handled under one roof.
In most cases, construction companies have administrative offices housed in a single, permanent location, while the work they do is done off-site and at various locations. This makes for some unique coverage needs that go beyond the general liability and property damage coverage that is part of all business insurance policies.
Contractors should consider the following coverages for their business:
General Liability Insurance: This covers many of the liability exposures you face as a concrete contractor. It covers property damage and injuries you may cause to third-party interests while you are engaged in your concrete contracting work. Your client is likely to require that you carry at least a certain amount of liability coverage and that you name them as an additional insured on your policy for the duration of the job. Likewise, if you hire subcontractors, you will want to have them name you as an additional insured on their policies.
Commercial Auto Insurance: This will provide coverage for all company-owned vehicles from pick-up trucks to tractor-trailers.
Inland Marine Insurance: This will provide coverage for your machinery and equipment while you are moving it to and from the job sites or keeping it in temporary storage while completing a job.
Equipment Breakdown Insurance: If your machinery is not working properly, it can put a halt to your construction job and you risk missing deadlines. This coverage can assist you with the costs of maintenance and repair, and even provide you with temporary rental equipment while yours is being fixed.
Workers Compensation Insurance. Some states require this coverage. Whether or not it is required where your business is located, it is extremely important that you provide coverage against employee injuries.
Owners and contractors protective liability insurance: This is designed to ensure that damage done on the job, whether by your workers or hired contractors, will be covered.
Umbrella Insurance: This coverage can provide a higher limit of liability going over your commercial auto insurance, general liability and workers compensation insurance.