What is Construction Insurance?
Business owners in the construction industry are professionals in their given trades, but even professionals have accidents sometimes. Construction insurance policies give construction workers and companies a way to protect themselves from covered liability suits and physical perils.
Construction insurance is a highly specialized type of commercial insurance that’s designed to meet the unique insurance needs of businesses in the construction industry. Most policies are package policies that combine several coverages together to create a robust network of protection.
What Businesses Need a Construction Policy?
Businesses that are classified by the National American Industry Classification System as being construction companies may need a construction policy. In total, there are more than 1.5 million businesses that fall under the construction sector umbrella.
The NAICS’ listing of construction companies includes many businesses that build structures. A few are:
- Residential Remodelers
- Structural Construction Companies
- New Building Construction Companies
- Highway, Street and Bridget Construction Companies
- Land Subdivision Companies