From meeting project deadlines to ensuring the safety of your crew, many responsibilities come with being a general contractor. While there is no way of eliminating every occupational hazard, having the right insurance could help you minimize your financial exposure to risk. At the Dave Mohr Agency, we understand the complicated components associated with your line of work. We offer streamlined insurance solutions designed specifically for the needs of a general contractor, with coverage meant to follow you from job to job. Whether thieves steal equipment and materials from an active construction site or an employee is injured on the job, you need insurance that protects a wide range of losses.
Types of Insurance for General Contractors
General contractor insurance is typically made up of several different types of coverage. At the Dave Mohr Agency, we can help advise you on which types of commercial insurance may be right for your business. As an independent agency, our goal is to provide you with quality coverage at competitive rates. Some business coverage types are required by law or otherwise needed when bidding for jobs; others are strongly recommended to protect the financial longevity of your business against potential loss and liabilities. Depending on the size and scope of your business, you may need:
Builder’s Risk Insurance
Until you hand over the keys and the project owner signs off on your work, there is a chance that an unexpected event could damage or destroy your hard work, setting you back days, weeks, or even months on the job. Builder’s risk coverage can help mitigate your risk of financial loss due to covered damaging events that occur before you complete the work you were hired for.
Commercial Property and Equipment Coverage
Most businesses need commercial property insurance to help protect the value of a company’s physical assets against loss and damage due to covered events like fire, lightning, and theft. This can include office structures, signage, furnishings, inventory, computer equipment, and more. In addition to commercial property insurance, however, general contractors often need the extra coverage that protects expensive tools and equipment when they are being stored, in use on a job site, or in transit between. Be sure to ask your independent agent about coverage that can also protect your business if your rented or owned equipment suddenly breaks down due to a covered reason.
General Business Liability
This type of coverage is designed to protect against the general risks of owning a business. From slip and fall accidents to advertising injury, it can help pay for legal defense fees and court costs if you are sued for a third-party injury or property damage. It can also help cover the damages you are responsible for up to the limits of your policy’s coverage.
Workers Compensation Insurance
If you have one or more employees working for your construction business, you may be required to purchase workers compensation insurance. This coverage is generally required by law for employers, as it helps protect workers against the financial damages associated with workplace injuries. This can include the cost of necessary medical and rehabilitative care, as well as compensation of lost wages when an employee must miss work due to the injury.
Commercial Auto Coverage
Whether you drive a personal vehicle for work purposes or own an entire fleet of trucks for your contracting business, talk to your independent agent about the need for commercial auto insurance. Even if you only use a personal truck to haul your equipment and supplies from site to site, you could increase the risk of having an uncovered claim if you rely on your personal auto insurance instead of a commercial policy. An agent here at the Dave Mohr Agency can help you find commercial coverage to protect your business and your truck against the unexpected.
Professional Liability Insurance
When clients hire you to oversee their construction projects, they rely on your expertise to produce safe and desirable results. If you miss the mark, this type of insurance can help shield your business against loss when a client accuses you of making a professional error or mistake.
Construction workers are often given access to sensitive information, valuable assets, and property that does not belong to them. Be sure your business is protected if one of your employees or a subcontractor you hire acts in a dishonest, criminal, or fraudulent way.
Standard commercial liability limits are not always enough to cover major liabilities. If a lawsuit judgment exhausts the limits of your primary liability coverage, a commercial umbrella insurance policy can help fill in the gaps, paying for excess damages and safeguarding your business against major financial loss, asset liquidation, and potentially even bankruptcy.
Request a Custom General Contractor Insurance Quote
As a contractor, you are used to providing custom work. It makes sense that you should expect the same personalized service experience when selecting your commercial insurance coverage. When you choose the Dave Mohr Agency, you are partnering with a local, Phoenix-area insurance agency that will be there to provide support and assistance long after you purchase your policy. As an independent agency, we can help you shop and compare coverage, all the while providing support and answering your questions along the way.
To find out more about Arizona General Contractor insurance or to request your quote, contact our office today.