Home » Construction Insurance in Phoenix, AZ

Construction Insurance in Phoenix, AZ

Construction insurance plays a crucial role in the construction sector, offering financial protection against various risks and liabilities that may emerge throughout the construction project lifecycle. In an industry with risks including accidents, injuries, property damage, legal disputes and project delays, having a construction policy is essential for the financial well-being and success of contractors, builders and project owners.

Why Do We Need Insurance in Construction? An architect working on a draft with a pencil and ruler

Construction policies are essential for safeguarding financial interests, mitigating risks, ensuring legal compliance, meeting contractual obligations, enhancing reputation and providing peace of mind. It is an indispensable tool contributing to the overall success, sustainability and reliability of construction projects.

What Does Construction Insurance Cover?

Insurance plans tailored for construction professionals typically encompass at least the following categories of coverage:

  • General liability coverage may assist in addressing medical expenses, legal fees, settlements and defense costs associated with lawsuits stemming from third-party bodily injury, property damage, product liability and advertising-related claims.
  • Professional liability coverage safeguards construction businesses from lawsuits arising from errors and omissions in their professional services.
  • Commercial auto coverage comes into play in the event of accidents or damage to third-party property involving the company’s automobiles.
  • Builders risk coverage helps safeguard construction projects during their construction or renovation phases. This coverage typically protects against damage caused by fire, theft, vandalism and specific natural disasters.
  • Workers’ compensation coverage may help cover medical expenses and lost wages for employees injured on the job. Additionally, it shields the employer from potential lawsuits related to workplace injuries.

How Does Construction Insurance Work?

When a construction company is insured, it can submit a claim to its insurance company. Upon approval, the insurer will reimburse the company for the damages, subtracting the deductible. In the case of a third party filing a liability claim against the company, they generally kickstart the process and collaborate with the insurer to secure payment.

Get Insurance for a Construction Company

Contact Facil Insurance to customize your construction insurance policy. We can tailor coverage to your specific operations.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

©2024. All rights reserved. | Powered by Zywave Websites