Construction

The construction industry involves the design, development, and building of various structures such as buildings, bridges, roads, and other infrastructure. The industry employs a wide range of professionals including architects, engineers, project managers, construction workers, and subcontractors.

Insurance Types for 

Construction

The construction industry is characterized by unique risks that include workplace injuries, property damage, and third-party liability claims. To mitigate these risks, construction companies should consider a range of commercial insurance policies, including:

General liability insurance: Provides coverage for third-party bodily injury or property damage claims arising from the company's operations.

Workers' compensation insurance: Provides coverage for work-related injuries or illnesses suffered by employees.

Builders' risk insurance: Provides coverage for damage to a building under construction, including materials and equipment.

Professional liability insurance: Provides coverage for design errors, omissions, or professional negligence in the construction process.

Commercial auto insurance: Provides coverage for liability and physical damage to vehicles used for commercial purposes.

Umbrella insurance: Provides additional liability coverage beyond the limits of other insurance policies.

It is important for construction companies to work with an experienced insurance professional to assess their specific risks and tailor an insurance program that meets their needs. Additionally, construction companies should implement rigorous safety protocols to minimize the potential for workplace accidents and injuries.

Discover Our Recommended 

Construction

 Offerings

Koru Korner

Related Articles

Article

IRMI: Contractor's Professional Liability—The Products Liability Exclusion

Each year, contractors face an increasingly diverse array of exposures and a growing list of options for managing those exposures. A common solution is the transfer of risk via a portfolio of insurance products—but coordinating the purchase of multiple insurance products is often complicated by the inconsistency in coverage terms between different insurers. This is especially true of professional liability policies.

Products Liability Insurance
General Business
Article

Amwins: State of the Market Report - Real Estate

Through September 2023, there have been 24 confirmed weather or climate disaster events in the US with losses exceeding $1 billion. This puts the U.S. on pace to exceed any prior annual record number of billion-dollar disaster events.

Commercial Property Insurance
General Business
Blog

Collective Coverage: Unpacking Insurance Risk Purchasing Groups

The intricate field of insurance is often challenging for businesses to navigate. The emergence of Insurance Risk Purchasing Group (IRPG) or more commonly known as Risk Purchasing Group (RPG) offers a collaborative approach for organizations to streamline their insurance procurement processes.

Captives and Self-insurance
General Business
General Liability Insurance
Transit and Cargo Insurance
Commercial Auto Liability and Fleet Management Insurance
Article

2023 Habitational State of the Market – Casualty

The habitational insurance market is facing a multitude of hurdles when it comes to casualty placements. Casualty markets in the habitational space have been adjusting prices due to increased loss activity and the continued impact of social inflation. Within this landscape, property owners, insurance companies, and brokers are confronted with a new reality. There are few markets offering General Liability (GL) coverage. It’s also difficult to find markets willing to participate in the lead $5M of excess coverage, making the marketplace even more challenging. To succeed in this demanding market, one must strike a careful balance between innovation, robust risk assessment, and adaptability.

Article

Long-Term View Important for Senior Living Marketplace

Senior living facilities remain under pressure from rising costs and staff shortages. Some are looking to reduce expenses through alternative liability insurance. New market entrants may offer lower prices, but is a new carrier the right solution over the long-term?

Article

January 2024 Property Renewal Pricing Analysis and Trends

The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients.

Ready to partner with Koru?

Request a Risk Assessment today!