What kind of insurance do you need for a construction business?

Answer 1

To start with you would definitely need liability. And if you have employees workmans comp.

You don't state what type of business you're in and I don't know if there would be any specialized insurance involved.

Do your research and start calling ins. brokers.

A 2:

Sounds lke you might need Public liability insurance (covers the cost of compensation from anybody injured). You still need to check with your insurance broker before making any decision on the type of insurance you require

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subcontractors normally are required to carry and be able to verify their workers comp and state unemployment insurance. There is sometimes a performance bond required for the amount of the work. If vehicles are involved at least basic liability coverage which covers business use of the vehicles. You will most likely be required to sign an agreement indemnifying the owner or general contractor from liability for you workmanship, procedures etc. As above a public liability policy is a good idea to protect yourself.

Answer 2

I would think that you should require that the contractor have insurance to cover any liability or problems with theft of materials, water damage or anything that may happen during the duration of the job. The only other thing I can think of would be possibly insuring your business against losses if your build out impedes your doing business beyond the set amount of time.

Answer 3

The amount of coverage may vary from state to state. Commonly, a million dollar liability policy is needed. In most states, a construction company must be registered with the state and is granted a license. During the registration, you must show that you are covered by an insurance policy. There are some up-sides to this additional cost. Such as this million dollar policy can also be used for other items; like qualifying for "In-transit" plates and also for "commercial" plates. You may also be able to use this same policy to get a car dealer's license and thus, "dealer" plates.

Answer 4

It depends on what Aspects of your business you are trying to cover.

Liability Insurance for the Engineering work itself is provided under a Professional Liability Insurance Policy. This provides coverage for your professional activities.

If you have a commercial office location, then you may also need "CGL", aka Commercial General Liability Insurance, This type of Coverage protects you from claims that arise out of your actual office location such as slip and fall claims etc. If you do not have a commercial office or work out of a home office then there is probably no need for the CGL.

If you own commercial property at which you conduct your business (office) then you may also want to consider Commercial Property Insurance which can usually be obtained along with the Commercial Liability in a Package.

AnswerThe first and foremost insurance coverage required for an engineering business is - Fire and Burglary Policy. Firstly, without Fire Policy, the Fire Directorate will not issue or renew Fire License. The Burglary Policy is required to guard against possible theft, robbery that might occur any day. Personal Liability Insurance is essential to cover liabilities arising out of business winding up or like. Professional Indemnity Insurance is required for the Engineers employed in the business against any unintentional mishap or loss done to third party/public. Further, the authority can cover the employees under Medical Insurance as a fringe benefit to them.

Answer 5

Construction Contractors typically purchase Commercial General Liability Insurance.

Other considerations may be company vehicles, equipments, tools, materials and supplies.