Build a coverage plan that fully protects your construction team, business, and equipment from the start to the finish of every project. Let us get to know your business as we help you identify exposures and navigate a long list of factors out of your control, such as expensive equipment and injury risk. Take advantage of our in-depth experience and knowledge within the highly specialized and regulated construction industry.
Construction insurance is specialized commercial insurance for Massachusetts contractors. Most policies provide coverage for equipment, vehicles, accidents and other risks.
Most Massachusetts businesses that operate within the construction industry ought to have a construction policy. Contractors of all types can usually benefit from this form of insurance.
Some examples of different contractors that commonly purchase construction policies include:
Policies can generally be adapted to suit the needs of contractors ranging from carpenters to large commercial crews.
Because policies can be adjusted so much, contractors should work closely with an insurance agent who knows these policies well when selecting coverages. A knowledgeable agent will be able to review a contractor’s particular risk exposure, and make informed recommendations regarding coverages.
These policies typically include a combination of construction property insurance protections and construction liability insurance protections. Property protections tend to guard assets against damage and loss, and they can extend to many different types of assets. Liability protections tend to guard against instances where a contractor is responsible for harm, which could include injury, property damage or other harm.
Some construction property insurance protections that policies frequently make available are:
Some construction liability insurance protections that policies normally make available are:
The purpose of workers compensation is to give employers and employees substantial protection against workplace injuries, which certainly are a risk in the construction industry. The coverage often pays medical costs and some lost wages if an employee is significantly harmed.
The coverage is generally required when Massachusetts businesses have employees. Requirements are a little more complicated when businesses hire subcontractors, but the coverage can still be legally necessary for some subcontracting situations.
Most contractors are required to carry workers compensation for their employees and/or subcontractors. An insurance agent who specializes in construction liability insurance will be able to help determine whether workers comp is indeed necessary, and help find a policy that provides suitable protection.
Contractors who complete larger projects may be required to purchase construction and contract bonds. Residential developers, commercial construction companies, roadwork companies and others sometimes need bonds.
The purpose of bonds is broadly to ensure another party is compensated if a contractor fails to complete a project as promised. There are many different types of construction and contract bonds that could be needed:
There are still other bonds available. An experienced agent can help contractors find the types of bonds that they need when purchasing an insurance policy.
For help finding construction insurance, contact the independent insurance agents at Amplified Insurance Partners. Our agents are well-versed in both coverages and bonds, and we have the expertise to get your Massachusetts contracting company the right protections.
Your rock star team at Amplified is dedicated to protecting your most valuable assets, your health, and your financial future. We are constantly evolving to exceed your expectations with our exceptional customer service and the right policies to protect your interests and ease your concerns.
