Construction Insurance in Smyrna, TN

You’re likely aware that the construction industry repeatedly ranks as one of the most dangerous in the United States. Regardless of which subsector you may work in, being a part of this industry can require your business to understand and invest in robust insurance. Without sufficient coverage, a single accident or mishap could impose expensive out-of-pocket losses that might reduce your finances and prospects to rubble.

What Is Construction Insurance?

Construction insurance typically refers to a specific subset of business insurance tailored toward the needs of those in your industry. Still, given the many types of businesses that make up this sector, there’s no one-size-fits-all policy suitable for every company. Instead, you may need to assemble your own collection of coverages through several separate policies, each addressing relevant risks and exposures.

What Types of Insurance Does My Business Need?

When considering coverage needs in the construction industry, the following types of policies are typically common fixtures of sufficient insurance portfolios:

• General liability insurance can help pay for third-party bodily injuries and property damage you cause, such as if someone is injured while visiting a job site.
• Commercial property insurance can cover your tangible assets, including buildings, equipment, tools and inventory.
• Builders risk insurance may financially protect structures you’re working on, including those under renovation and being built from the ground up.
• Workers’ compensation insurance is often required by law and may offset financial losses following employees’ work-related injuries and illnesses.
• Business interruption insurance can help manage losses and expenses if a covered incident delays your operations.
• Commercial auto insurance can assist with incidents involving company vehicles, such as trucks and vans.
• Inland marine insurance can cover physical property taken off your business premises, such as tools and materials transported to job sites.
• Errors and omissions insurance can help manage claims of professional errors, negligence, missed deadlines or other inadequacies.
• Commercial umbrella insurance can offer additional liability coverage if other policies’ limits are exhausted.

How Much Does Coverage Cost?

Your construction insurance rates may vary based on a multitude of factors, often including the following:

• Location
• Number of employees
• Services you provide
• Years in business
• Assets and revenue
• Claims history
• Coverage details (e.g., endorsements, limits and deductibles)

We’re Here to Help

Contact Raborn Insurance Agency today to learn more or compare tailored quotes for construction coverage.