How Much Is Business Insurance
for Construction Companies?

Working in construction means you face risks every day: someone could be injured at your construction site, tools could be stolen from your truck, or a client could be dissatisfied with your work. To help protect against these risks, Construction Insurance can cover the cost of a wide variety of lawsuits over injuries, accidents, and other unforeseeable events.

To help you budget for your business insurance, we've compiled these insurance cost estimates for construction companies. These sample premiums are based on what other construction managers pay for their coverage.

Note: sample quotes are only estimates. Your actual premiums may vary.

HOW MUCH IS
General Liability Insurance?

How Much Is General Liability Insurance?

Before you can start a construction project or sign a contract, you'll probably need General Liability Insurance, which covers lawsuits when a third party (subcontractor, customer, etc.) sues you over an injury or property damage. GL Insurance is often required by clients (check your contracts) and you'll probably need it when you apply for a building permit or contractor's license.

General Liability Insurance for construction services groups typically costs $361 to $924 in annual premiums.

Average Premiums, Deductibles and Limits on General Liability Insurance Policies for Construction Companies
Name USD

Median policy premium:

$361 - $924

Per claim limit:

$1,000,000

Policy limit:

$2,000,000

Median policy deductible:

$1,000

To see how the cost of General Liability Insurance for construction companies compares with other industries, visit Insureon's General Liability Insurance Cost Analysis New browser window icon..

HOW MUCH IS
a Surety Bond?

How Much Is a Surety Bond / License and Permit Bond?

Before getting your contractor's license or applying for a building permit, you'll usually need a License Bond or Permit Bond. Why do construction companies need surety bonds? The government bodies that license you want a guarantee that you know state laws and will follow proper building codes. A surety bond offers that guarantee.

Construction companies typically pay $100 to $185 to get bonded.

Average Premiums Limits on Surety Bonds for Construction Companies
Name USD

Median policy premium:

$100 - $185

Median policy limit:

Varies

HOW MUCH IS
Inland Marine Insurance?

How Much Is Inland Marine Insurance?

Inland Marine Insurance covers your construction equipment, supplies, and tools while they're being transported. A standard Property Insurance policy only covers your business's belongings while it's located at your offices or business premises, but Inland Marine covers your property while you're transporting it. Given that you're always traveling to and from construction sites, Inland Marine Insurance offers important coverage. If your tools are stolen from your truck or damaged in an auto accident, Inland Marine will help you replace them.

An Inland Marine Insurance policy starts at $600 for a typical construction business.

Average Premiums, Deductibles and Limits on Inland Marine Insurance Policies for Construction Companies
Name USD

Median policy premium:

$600

Median policy limit:

Varies

Median policy deductible:

None

HOW MUCH IS
Umbrella Insurance?

How Much Is Umbrella Insurance?

Umbrella Insurance for Construction Companies

One way to increase your coverage to three policies is to buy Umbrella Insurance. This policy bolsters your Workers' Comp, General Liability, and Commercial Auto lawsuit coverage. If a lawsuit ends up costing more than these policies will cover, Umbrella Insurance can pay up to $1 million in extra costs.

Umbrella Insurance typically costs $6,750 to $11,750 for construction companies.

Average Premiums, Deductibles and Limits on Umbrella Insurance Policies for Construction Companies
Name USD

Median policy premium:

$6,750 - $11,750

Median policy limit:

$1,000,000

Median policy deductible:

N/A

To see how the cost of Umbrella Insurance for construction companies compares with other industries, visit Insureon's Umbrella Insurance Cost Analysis New browser window icon..

FREE QUOTES
on Construction Insurance

Free Insurance Cost Estimates for Construction Companies

Whether you're a construction manager, contractor, or debris removal specialist, our construction insurance agents can build a custom policy that covers your risks and helps you meet your legal and contractual requirements. For a free construction insurance quote, submit an online insurance application.

Grab-n-Go Information

RISK MANAGEMENT EBOOK
The House Insurance Built: Risk Management for Builders & Contractors
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