Commercial Property Insurance
for Contractors, Builders & Other Construction Professionals

As the U.S. construction and contracting industry enters a new phase of growth, contractors and construction professionals are turning to Property Insurance to help them manage the risks that come with their work.

Property Insurance policies protect construction and contracting businesses by covering physical damage or loss of their and others' property. Property Insurance offers security when it comes to covering your construction or contracting business space, materials, inventory, and other business assets (including others' property while it is in your care). The most common property claims include fire in areas where materials are stored as well as theft of tools, equipment, or high-value materials. Some construction property policies also cover business property in transit or at a jobsite.

At insureon, we know time is of the essence for contractors and construction professionals and that every day without your equipment amounts to lost revenue. We make it easy for your business to get the protection your assets need so you can get back to work quickly.

Keep reading to learn more about how Property Insurance for construction and contracting professionals minimizes risks and keeps your business essentials secure.

Contractors & Construction Professionals: How Property Insurance Works for You

Contractors & Construction Professionals: How Property Insurance Works for You

Property Insurance provides coverage for a contracting and construction business's assets, including office space and supplies used to carry out your work. Special contracting and construction coverage may also be available for your business's equipment and tools, your employees' personal tools, portable computing equipment, and theft of business property by your own employees.

When you speak with your insurance agent about your Property Insurance options, be sure to ask whether it makes more sense to insure your property at its current value or its full replacement value. The former saves you money in the short term but results in smaller payouts in the event of a claim. The latter requires a higher premium, but pays enough so you can replace damaged property with new equipment.

While some Property Insurance policies may include coverage for business interruption, you may also want to ask about insuring against region-specific weather threats (including floods, fires, and hail storms).

If your contracting and construction business meets certain criteria, a Business Owner's Policy or BOP may be appropriate for your business. Usually offered at a discounted rate, a BOP combines General Liability Insurance and Property Insurance. Additionally, you could include an endorsement to your BOP to protect your contracting and construction tools and equipment. Talk to an insureon agent to find out whether your business is eligible for this policy.

Key Details About Your Property Insurance

Key Details About Your Property Insurance

Property Insurance is designed to safeguard your construction and contracting business from the missed opportunities when fire, theft, or vandalism destroys your equipment. Our Property Insurance helps your business rebound from unforeseen damage to your business assets by quickly replacing them in the event of a covered claim. While shopping for a Property Insurance policy for your contracting and construction business, consider these types of coverage that keep your construction equipment and tools protected.

Inland Marine Insurance

As a contractor or construction professional, you're regularly on the move transporting equipment, supplies, and tools. Inland Marine Insurance is a kind of Property Insurance that protects your moveable business assets and keeps your business equipment safe from loss, even when it's in transit.

Common examples of property that requires Inland Marine Insurance include contractor's tools and supplies in transit, buildings under construction, computer equipment and data, and mobile equipment such as forklifts or bulldozers.

In most cases, Inland Marine coverage is often included in (or can be added to) a Property Insurance policy. To learn more about Inland Marine Insurance, visit our Island Marine Insurance page, or ask one of our insureon agents.

Contractor's Equipment

This specific type of Inland Marine Insurance is designed specifically for contracting and construction businesses. Depending on your policy, the replacement cost coverage is included for equipment that is less than five years old. New equipment can be easily covered, and added to your policy. Smaller tools and equipment not specifically listed on the policy can be covered as well. You'll even be able to include employee tools and clothing. Additionally, Contractors Insurance can protect your equipment if you decide to rent or lease it to other companies, can replace covered equipment it if it's damaged, lost, or stolen.

Builder's Risk Insurance

Builder's Risk Insurance is a special type of Property Insurance that covers damage to buildings while they are under construction. Typically, this coverage is underwritten in your Inland Marine policy. Builder's Risk coverage may be necessary to comply with local city, county, and state building codes and is often required as a condition to many contracts.

For example, if a tornado destroys a building in the middle of construction, a Builder's Risk policy covers half of the completed building's value (if the policy is for replacement value). If a tornado wipes out the building when it is three-fourths finished, the policy covers three-fourths of the completed value. This type of policy is invaluable to safeguarding the hard work contractors and construction professionals do every day.

Contractors & Construction Professionals: Build a Business Protection Plan

Contractors & Construction Professionals: Build a Business Protection Plan

Make sure your construction and contracting business is protected from uncertainty. Our insureon agents will help you find a policy that protects your construction and contracting business assets so you can continue to focus on expanding your small business. Contact our contracting-insurance experts today.

Grab-n-Go Information

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