Construction companies operating in Central Ohio need more than general liability and workers’ compensation insurance to operate. While these types of policies are at the core of what is needed, many contractors need specialized policies to operate. Insuran LLC can help you select the appropriate commercial insurance lines for your business.
Commercial Insurance for Construction Companies
In addition to the general liability and workers’ compensation, construction companies should consider several other commercial lines. These include:
- Commercial property insurance
- Professional liability insurance
- Surety bonds
- Contractor license bonds
- Builder’s risk insurance
- Commercial auto insurance
- Equipment insurance
- Pollution liability
You can bundle some of these core commercial policies into a business owner’s policy (BOP). A BOP typically contains general liability, commercial property and business interruption protection. You can also include other types of protection, such as cyber insurance, through endorsements. Commercial auto policies, while essential, are usually issued as separate policies.
What is Wrap-Up Coverage?
Wrap-up coverage is similar to a BOP. Construction companies generally purchase it to cover projects worth millions of dollars or a string of smaller projects that add up. You can choose between Owner-Controlled Insurance Programs (OCIPs) and Contractor-Controlled Insurance Programs (CCIPs).
Why Construction Insurance Matters
Commercial policies are a vital safety net to protect those involved in the construction industry, including owners, contractors, tradespeople, developers, engineers and architects, from unexpected events that can occur during a project. Insurance gives you a financial safety net to rebound from losses, achieve longevity in your field, heighten your credibility, and is often required to bid on certain jobs. Selecting the right mix of policies can make a difference in your business’s future.
Let Insuran LLC help you select the right commercial insurance policies for your construction business needs. Contact our Central Ohio office to get started on your customized protection.
