Construction Insurance Companies

Construction Insurance Companies

Construction insurance is a line of policies designed to protect both employees and customers against damage during construction projects. Part of this insurance is required by law and part by the construction contract. Even when it’s not necessary, it’s a great idea for contractors and others who work on construction projects to get some level of insurance coverage.

Construction Insurance Companies

If you own a home, home insurance protects you against catastrophic events like fires and unforeseen accidents like a neighbor getting injured on your sidewalk. Just as a homeowner needs protection from home-related losses, it’s essential that independent contractors and other business owners protect themselves against the unexpected by builders risk insurance companies.

Construction Insurance Companies Plan
Construction Insurance Companies Plan

Independent contractors should consider purchasing their own general liability insurance and perhaps additional coverage specific to their industry. We’ve looked at over three dozen construction insurance companies based on coverage options, price, customer service, and more to help independent contractors find the best coverage for them.

Top 5 construction insurance providers

Best 5 construction insurance companies name are given bellow:

Best overall: The Hartford
Ideal for new businesses: Hiscox
Best for Quick Liability Coverage: Next Insurance
Ideal for professional services: Travelers
Ideal for industries at risk: Nationwide

The Hartford

Overview

The Hartford is headquartered in Connecticut and has over 200 years of insurance experience. In the 1980s, they were one of the first insurance companies to offer an insurance center for small businesses. Currently, they insure over a million small business owners. With an AM Best financial strength rating of A + (Superior) and some of the highest customer satisfaction ratings on many of their lines of insurance, The Hartford has a long history of being a strong insurer in the United States. United.

The Hartford can provide independent contractor insurance and business policy owner coverage to many types of independent professionals. Here are some examples :

  • Plumbers, carpenters, electricians, painters and repair contractors
  • Freelance Editors and Editors
  • Graphic designers
  • Trade fair professionals
  • Photographers
  • Horse or dog trainers
ProsCons
Quick online quotes availableCannot buy policy online – must speak to an agent
4.8 out of 5 stars for the claims experience in over 16,000 customer reviews
Full range of insurance coverages for small businesses
The Hartford

Why We Chose It: The Hartford gets our top pick for Best Overall Independent Contractor Insurance because of the range of professions they cover, ease of online submission, comprehensive coverage options, and long history as experts in small business insurance.

Hiscox

Overview

Hiscox is a specialty corporate insurer with operations around the world, serving clients since 1901. They have an AM Best rating of A (Excellent) and have insurance available in 49 states.

Hiscox has several resources for small business owners on their website, including Insured Small Business Owner Spotlight, podcasts, and an entrepreneur community newsletter. They provide all types of business insurance for independent contractors, which you can get by calling one of their agents. Same day coverage may be available which is very convenient.

Hiscox can insure over 180 different professions, including architects, beauty, contractors, IT professionals, landscapers, fitness, therapy, home health services, and more. They offer insurance policies for business owners, general liability, professional liability, cybersecurity, short term liability, workers’ compensation, umbrella, directors and officers, commercial property and employment practices liability. They also sell tailor-made coverage options like business disruptions, depending on your business needs.

ProsCons
Customized industrial packages for construction professionalsNo online complaint tracking
Short-term liability policies availableNot available in Alaska
Online quote and instant coverage
Hiscox

Why We Chose It: Hiscox is our best choice for new businesses because they offer industry-specific quality coverage for the most reasonable prices available. This is perfect for those who are just starting out and starting a business with limited budgets.

Next Insurance

Overview

Next Insurance is a relatively new insurance company that started as an agency and converted to an insurer in 2018. It is backed by Munich R.E., which has been awarded an A + (superior) rating from AM Best. Next aims to provide easy-to-understand and affordable insurance coverage for small businesses online. They are available in 50 states and insure 100,000 business owners, serving over 1,000 types of businesses. Policies are issued 100% online, which means you can get a quote and policy right away, as well as manage and print insurance certificates.

The types of policies offered by Next Insurance include General Liability, Professional Liability, and Commercial Automobile.

ProsCons
100% online with instant police issuanceNo business owner policy
Possibility of adding additional insuredsCoverage availability may vary by state
4.7 out of 5 stars based on customer ratings on their website
Next Insurance

Why We Chose It: Next Insurance is our top pick for the best independent contractor insurance for quick liability coverage because they insure so many different professions, they make the process easier, and you can get a quote and a policy online. just a few minutes.

Construction Insurance Companies Quotes
Construction Insurance Companies Quotes

Travelers

Overview

Travelers has been around for over 160 years. They offer several small business insurance packages for all types of professionals and are available nationwide.

Some of the types of businesses they insure include financial services, health and wellness professionals, personal care services, pet care services, and technology services. Travelers has an AM Best financial strength rating of A ++ (superior).

Travelers offers business owner insurance (BOP) policies, commercial liability insurance, commercial property insurance, cyber liability, professional liability, business income and additional expense coverage, as well as ” Owner’s Liability and Contractor Liability Insurance (OCP) for coverage of up to $ 10 million.

OCP is a specialized option that can be issued as a short term policy to protect the hiring contractor from being held liable for damages caused by a subcontractor. If you have employees, they also offer workers compensation coverage.

ProsCons
Insures a wide range of professionalsYou must contact an agent for a quote
Coverage of accounts receivable and billable hours
Owners and Contractors Liability (OCP) available
Travelers

Why We Chose It: Travelers are well equipped to provide a full range of professionals, from pet services to lawyers, which aren’t always covered by the other insurers we looked for. The Professional Services Premier package is specially designed to help service providers get the best protection at the best price.

Nationwide

Overview

Nationwide was founded in 1926 and is headquartered in Columbus, Ohio. Nationwide won # 1 for customer satisfaction in the 2019 JD Power Small Business Commercial Insurance Study, but dropped to second from the bottom of the 2020 rankings. And they have a strong financial stability rating by AM Best of A + (Superior). Their insurance products are available nationwide.

Nationwide sells General Liability, Umbrella, Employment Practices Liability, Crime Insurance, Cyber ​​Liability, Errors and Omissions (Professional Liability), Builder’s Risk, Accounts Receivable, Business Owner, Commercial Property, Income insurance. company, workers’ compensation and equipment breakage. They also sell Domestic Navy (insurance that protects goods and inventory in transit), artwork, computer hardware, and data coverage.

ProsCons
Construction and health sector coverageCoverage details are not available online
Equipment failure is included in the BOP
Free resources and tools to help you grow your business
Nationwide

Why We Picked It: We picked Nationwide as the best insurer for the risk industries because they understand the needs of these businesses and develop custom packages in several areas including construction and healthcare which tend to have higher incidence of complaints.

What are the Expected Costs of Insurance For Independent Contractors?

Based on our research, we’ve found policy costs as low as $ 30 per month (for liability only). It is possible to pay over $ 100 per month depending on the type of liability you might incur, whether you include business property coverage, and whether you are in a higher risk industry, such as construction or the medical field. . The cost of insurance for small businesses takes into consideration:

  • Whether you have employees or not
  • If you have any products or samples
  • The replacement value of your commercial property
  • How long have you been in business
  • Coverage options you select, including limits and deductibles
  • Trade area
  • The condition of the building in which you work

As your coverage limits increase, premiums will also increase. Prices also vary based on condition, business income, business ownership, industry, and claims history.

Construction Insurance Companies