Breaking Down Popular Insurance Coverage For Construction Businesses

Are you looking for a Santa Fe insurance company to cover your new construction business? Finding the right fit can be frustratingly time-consuming. As you conduct your search, here are some of the most popular coverage options you’ll come across and what they mean.

General Liability Insurance

General liability is the foundation of almost all business insurance policies. It covers your business in case a third party files a lawsuit against you claiming they experienced physical or material loss because of your business’ activities.

Professional Liability Insurance

If you’re a builder-designer, then you’ll also want to get professional liability insurance. It provides a separate coverage for lawsuits against your designs because they aren’t covered under general liability.

Builder’s Risk

The construction industry is inherently risky. One of the ways to protect yourself is through builder’s risk insurance. It provides coverage for your assets in case a fire, explosion, storm or other disaster strikes your construction site.

Contractor’s Pollution

Contractor’s pollution insurance protects your business in case your construction activities causes pollution that’s detrimental to the local environment or citizens. This coverage will cover any fees, settlements or judgments for which you are found liable. Funds from this policy can be also used to purchase items that can help you prevent pollution.

Having a good understanding of the insurance coverages you need can help to simplify and shorten your search. Once you’ve identified the Santa Fe insurance agent that’s right for you, they can go into detail about the specific coverages that your construction business will need.