Construction Insurance in North Carolina
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Construction Insurance in North Carolina
What is construction insurance?
Construction work comes with multiple risks. Tools get stolen, drivers cause accidents, buildings burn, and any number of other things can happen. Construction insurance can help contractors in North Carolina protect themselves from many of the risks they face.
Construction insurance is tailored for construction companies and builders. Policies usually come with several property and liability coverages, creating a web of protection.
Which contractors in North Carolina need construction liability insurance?
Construction liability insurance is something that most North Carolina contractors in this field should have. Commercial contractors, residential contractors, and specialized ones may all get a policy. For example, policies are regularly purchased by:
- General contractors
- Residential homebuilders
- Commercial construction companies
- Heavy construction specialists
- Marine construction specialists
- Kitchen and bath remodelers
- Others in the field
Of course, it’s broadly important to have property coverages for any assets too. A combination of liability and property coverages usually provides the best protection.
What are the available construction liability insurance coverages?
Most construction policies include multiple construction liability insurance coverages, because contractors don’t face just one type of risk. The following are normally available:
- General Liability Coverage: Might insure against everyday accidents, such as trips or slips, if the accident results in significant injuries to another party. This could be a customer, inspector, supplier, trespasser, or other non-employee.
- Professional Liability Coverage: Might insure against mistakes made when giving advice, and also errors in completed work.
- Employee Practices Liability Coverage: Might insure against discrimination or harassment lawsuits that employees or subcontractors could file.
- Commercial Umbrella Coverage: Might insure against large lawsuits, by providing additional coverage when the limits of another construction liability insurance are reached.
What are the property insurance coverages that construction policies offer?
Construction policies likewise offer a variety of property insurance coverages. Exact coverage options can vary depending on the policy, but they often include:
- Building Coverage: Often insures buildings that a contractor owns, such as an office, storage facilities, garages, and other buildings.
- Tenants Betterment Coverage: Often insures the build-outs that a contractor makes to any leased spaces, such as an office, storage building, showroom, or other structure.
- Contents Coverage: Often insures construction materials, tools, and equipment stored at a facility.
- Builders Risk Coverage: Often insures materials, tools, and equipment stored at construction sites.
- Inland Marine Coverage: Often insures materials, tools, and equipment while being transported to/from construction sites.
- Mobile Equipment Coverage: Often insures non-vehicle equipment like forklifts, excavators, diggers, and backhoes.
- Equipment Breakdown Coverage: Often insures crucial construction equipment against breakdowns, frequently covering emergency repair costs.
- Extra Expense Coverage: Often insures against the cost of finding another space should an office, storage facility, or other space be damaged during a disaster.
Do construction companies need workers compensation insurance?
North Carolina state law normally requires that businesses with at least 3 employees carry workers compensation insurance. This is an insurance coverage that helps protect against workplace accidents resulting in employee injury.
Construction companies that have at least 3 employees likely need to carry workers compensation. Employees could include office staff, foreman, supervisors, warehouse workers, drivers, trade professionals, or anyone else who receives a W2 tax statement come year’s end.
Subcontractors generally aren’t considered employees. Smaller contractors who rely on subs may not legally have to get workers compensation. The coverage is still recommended even if a business has just 1 or 2 employees, though.
Can construction bonds be purchased through contractor policies?
An insurance agent who specializes in contractor policies should be able to assist with construction bonds as well. The same insurance companies that offer contractor policies also offer these bonds.
Construction bonds are technically different from insurance policies, but it’s easy to purchase both at the same time when working with a specialized agent.
Where can contractors get construction insurance?
If you’re a contractor building in North Carolina, contact the independent agents at Laurie Insurance Group for help finding a construction insurance policy. Our agents have the expertise necessary to find you the right coverages, and we can offer the best policies regardless of what company underwrites them. Together, we can get your company well-insured.
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