Commercial Contractors insurance differs from a residential contractor insurance. There are a few reasons but the primary is of the contractual language that you will have with a builder, property management/owner, or any other entity you will do business with. The contract will ask for additional coverages like additional insured and/or a waiver of subrogation on some or all policies. The contract may also required additional coverages like commercial auto where as residential jobs may waive this. As you know, construction is the process of constructing a building or infrastructure. Insurance is to protect the entity that hires you from the work you do or have done. Not all policies are the same, so when selecting a insurance agent be sure they will cover your business accurately and not just quote you and close you. If you provide design services as well as construction, you will need to look into additional coverages that will cover the design aspect of your company.
Large-scale construction projects will require collaboration across multiple business disciplines. This collaboration may require you to carry higher insurance limits, additional coverages, or language to protect all who are involved. If you hire subcontractors, you will want to make sure the subs have the proper coverages to protect you from their work and reduce your exposure if and when your insurance company audit you at the end of the insurance year, for instance Worker’s Compensation!!! We can help! Call us today.