Construction Insurance in Overland Park, KS

The construction sector consistently ranks as one of the most dangerous in the United States. As a member of this industry, you must take your responsibility for the safety of employees and others seriously; even isolated or minor incidents could lead to significant consequences. That’s why understanding, acquiring and maintaining a suitable construction insurance portfolio is critical for risk management and loss control processes.

What Is Insurance for Construction Companies?

Whether you operate a large construction firm or small business or work as an independent contractor, construction insurance is an essential subject with which you must be familiar. Crucially, you should first understand that this term does not typically refer to a templated insurance product capable of addressing all risks and exposures within this industry. Rather, your business should be prepared to carefully assess its situation and sculpt a package of insurance policies capable of addressing relevant risks and exposures.

What Types of Coverage Does My Construction Business Need?

Although your business is unique and may require a personally customized construction insurance portfolio, several core components may be valuable for most companies in your sector. Specifically, the following policies may be essential pillars:

• Professional liability insurance, also known as errors and omissions insurance, can assist with third-party losses arising from your business’s mistakes, miscalculations, negligence, oversights or missed deadlines.
• General liability insurance can financially protect against losses affecting third parties, such as bodily injuries, property damage and personal and advertising injuries impacting guests on a job site, neighboring lot owners or passersby.
• Commercial property insurance may cover your business’s physical assets, including buildings, equipment, tools, materials and signage.
• Inland marine insurance can extend commercial property insurance coverage beyond your business’s premises, such as for assets in transit or stored at a job site.
• Builders risk insurance may assist with losses at job sites, including damage to temporary structures and materials.
• Workers’ compensation insurance is typically required by law and can render financial aid following employees’ on-the-job injuries or illnesses.
• Commercial auto insurance is essential if your construction company uses motor vehicles for business purposes.
• Commercial umbrella insurance may be necessary to provide secondary coverage for liabilities should the limits of other policies be exhausted.

How Much Does Coverage Cost?

Suitable insurance for your construction business may vary in cost depending on several factors, such as the following:

• Location
• Construction services offered
• Workforce size
• Estimated annual revenue
• Value of insured assets
• Prior claims history
• Coverage details (e.g., limits, endorsements and deductibles)

We’re Here to Help

Contact Walnut Risk Management today to learn more about construction insurance options or to compare tailored quotes.