Construction Insurance in Des Moines IA & West Des Moines IA
Construct a Protection Plan for your Business
When you work in construction, you are expected to create fail-safe, secure and comfortable creations, regardless of whether you build skyscrapers or starter homes. Your clients rely on you to do your job expertly, and to not leave them at risk of facing significant problems with the completed job. Still, you also must take responsibility for your own operations and liabilities, and this means investing in quality insurance benefits.
Your company needs expansive, specialty benefits in order to appropriately address both your property loss risks and operational liabilities. Expensive equipment and tools, and possible injury should be considered when thinking about what type of coverage may be necessary in the construction industry.
Here at Bishop White Insurance & Financial Services, Inc., we believe in taking a comprehensive approach to every construction business’s insurance needs. If you’re located in Des Moines IA and the surrounding areas, then we’re the place to turn for optimized coverage.
What Does Construction Insurance Cover?
When you embark on a construction project, you have your own interests to look out for, as well as the security of your project and clients. A properly tailored construction insurance portfolio will offer numerous coverage options for both your general and industry-specific operating risks. Your insurance agent will help you build a package of expansive but tailored benefits that will always be there to help you face some of the biggest challenges that you could face in your line of work.
Basic Construction Coverage
Your standard construction insurance needs to include essential benefits like:
Property Insurance: If something damages physical property – such as your building or possessions - then this coverage can help you repair or replace them.
General Liability Insurance: This covers the business in the event it causes property damage or bodily injuries to another party, like a client or vendor.
Business Interruption Insurance: This helps you pay the bills if you must temporarily close after a damaging accident.
Commercial Auto Insurance: When the company owns vehicles, this coverage will provide the requisite physical damage, liability and other benefits to help the company afford the costs of wrecks or other vehicle hazards.
Workers Compensation Insurance: If an employee gets hurt on the job, they are often eligible for workers compensation coverage. It will provide them supplementary income during their recovery.
Errors & Omissions Insurance: Professional advice or mistakes could cause clients a financial loss. This coverage can compensate them on behalf of the business.
Surety Bonds: If you are contractually obligated to certain clients, then bonds will guarantee them that you will repay them if you cannot meet your obligations.
One further, critical benefit to include in your plan is known as builder’s risk coverage. This benefit will cover properties under construction, along with the requisite materials and equipment that will be used in the course of construction. If there is any benefit that you need as part of your construction insurance portfolio, it’s this benefit.
What Does Construction Insurance Cost?
The type of construction your business specializes in will have a significant impact on the types of risks you will face in your operations. A general contractor will not encounter the same types of hazards that an electrician or a roofer would. However, none of these contractors need benefits any less than the others. They just have to get the right policy combinations for them.
As your operational risk factors will vary, so too will your policy premiums. Just a few of the factors that are considered when determining your construction insurance policy price include:
Your coverage needs
Number of employees
Types of work vehicles
Your claims history
Coverage requirements set by your local authorities
Different insurance carriers will rate these factors in numerous ways. It is important to compare prices across plans and to speak with an insurance agent about the intricacies of your business in more detail.
Find the Policy That Fits Your Company
When matching a client with insurance, we review their current policies, but will also offer our own recommendations based on experience, dedication and expertise. To start building a construction insurance foundation that’s perfect for you, just request a quote or contact us to learn more.