Embroker’s Construction and Contractors Practice
Highly-Publicized Examples of Insurance at Work for Contractors
- WGNS Radio President Scott Walker sued the company that built his family’s home, which was destroyed when a tornado struck the area and killed his wife.
See: Wrongful death lawsuit filed against builder of home destroyed by Christiana tornado
- A 22-year-old construction worker who almost lost an arm in a workplace injury sued a construction company over the incident, seeking from $200,000 to $1 million in his lawsuit.
See: Construction worker sues over injury that nearly cost him an arm
- The Sherwin-Williams Company filed a complaint against Terraquip Construction Products Inc. alleging that it failed to perform its contractual obligations. The paint distributor claimed that the construction company owed them $13,261.44 for paint products that were delivered to the contractors.
See: Paint distributor sues contractor for breach of contract
- Hollywood actress Denise Richards sued a contractor who allegedly botched a repair of her air conditioning, partially destroyed her roof, and demolished parts of her house they then allegedly charged her a premium to fix.
See: Denise Richards sues for $1m after contractor ‘botched repairs and left her without air-conditioning
Construction Insurance Costs
As is the case with most types of insurance, there are many different factors that needed to be considered before determining how much your construction insurance is going to cost. Premiums will be determined by standard factors such as the size of your company, the number of employees working for you, whether there are subcontractors involved, how big your projects are generally, what your claims history looks like, the locations of your projects, and more.
Another aspect that could factor into policy price is the duration of your policy. If you have builder’s risk coverage for a project that is going to take you more than a year to complete, for example, then you will have to pay more for it. If you decide to buy insurance for a construction project that you have already started prior to getting the insurance, you might see higher premiums in this case as well.
Not sure if you’re getting a fair deal?
A frequent question we hear — and a common problem with construction insurance underwriting in general — is that no one really knows how an underwriter arrives at a premium.
Embroker believes in giving our clients better choices using data and transparency. We benchmark all of your policies against similar construction companies and contractors in your vertical, then procure multiple quotes from an independent broker. We also cross-reference your costs with firms of comparable size, policy limits, claims history, and risk tolerance.
Now that you have a better understanding of construction insurance, you may be wondering how all of this affects your business and where to go from here. If you need more help or information you can reach out to our team of expert brokers. If you prefer to get started on intelligent quotes, you can get started by creating an Embroker account today.
Having a quality construction insurance program in place and a broker who can help you navigate the terms and conditions of your policies, as well as the potential claims processes, can save you money and, more importantly, time.
Embroker is the easiest way to intelligently insure any business. We’re here to help!
Additional Resources on Insurance for Construction Companies: