If you are a general contractor, then you likely understand how much trust clients put in you when they hire you to remodel their property or build them a new home. After all, clients value quality craftsmanship, and they want to feel safe in their new property. To ensure that you can meet these expectations, it’s imperative that you have appropriate commercial insurance protection in place.

Designing your perfect construction insurance portfolio will likely take some time, effort and an expert eye to guide you. That’s what E.A. Funk & Associates Insurance strives to do for all our customers. We’re commercial insurance experts, and we can tailor policies to fit the needs of all businesses.

With a proud history of serving Centereach, Selden, Coram, Shirley, The Hamptons and the rest of New York, we’re ready and waiting to help you get the perfect business insurance. Just call us at (631) 467 – 4747 or request your free, no-obligation quote online to get your search for coverage started.

Common Construction Insurance Questions:

What Is Construction Insurance?

Your construction business has unique assets, liabilities and risk management responsibilities. These are even different from those of your nearest competitor. Construction insurance is designed to safeguard these risks through a network of customized business insurance options.

The terms, limits and benefits provided by construction insurance plans are customized to meet the needs of contractors and others in the industry. You must tailor your business insurance to fit you. Our agents are committed to working with you to help you achieve suitable coverage at suitable prices. In the end, your coverage will be a great piece of protection for all aspects of your business.

Do I Need Construction Insurance?

Every contractor of every shape and size needs to have insurance. There is no question about it. This coverage will help your business weather financial challenges that might arise following unexpected incidents that could make your business insolvent and unstable. By having coverage, you can make sure that your business survives even in challenging times.

Please note: Because of the unique liabilities associated with your industry, you will likely have a legal requirement to buy certain coverage. Speak to one of our agents to learn more about all coverage requirements in your area.

Why Is Construction Insurance Important?

The benefit of a comprehensive insurance package is that it will help your business weather numerous financial challenges that might strike, such as:

• Property damage to your offices, business equipment, supplies and stock.
• Lawsuits by third parties who blame you for injuries or property damage they sustain.
• Challenges by customers who allege that you did not complete your work to their satisfaction.
• Loss of income due to hazardous events that force you to halt operations.

In the end, any challenging event could put you in a very unstable financial position. You shouldn’t have to run the risk of losing your business just because a problem occurred. The financial assistance provided by your insurance package can help you pick up the pieces and move on in a more sustainable manner.

What Does Construction Insurance Cover?

Because the construction insurance industry is incredibly vast, you will need a combination of both standard commercial insurance options and specialized policies to receive optimal coverage.

Some of the benefits that you should always carry include:

• Commercial Property Insurance
• General Liability Insurance
• Business Interruption Insurance
• Workers Compensation Insurance
• Commercial Auto Insurance

Other standard coverage to add to your portfolio might include cyber liability, errors & omissions, employment practices liability and directors & officers (D&O) coverage.

Additionally, to insure yourself against industry-specific liabilities, you might need:

• Builder’s risk insurance that covers the materials and works in progress at construction sites in case they sustain damage in fires, severe weather, theft or vandalism.
• Inland marine insurance, which is similar to builder’s risk coverage, but covers the equipment that the contractor uses in their work. It might cover tools, mobile items like forklifts, computer equipment and data, or equipment that you lease or borrow for a job.
• Surety bonds, which are financial guarantees that the contractor will complete their work as promised. If they fail to do so, then they must compensate the affected party.
• Equipment breakdown insurance pays when essential machinery breaks down unexpectedly and causes your operations to halt. This coverage can pay for both the equipment repairs and income lost in the incident.

Our agents are happy to work with you to determine which coverage options are optimized for your needs. We can also compare policies from a wide variety of insurers to make certain that we find you a plan that fits within your company’s budget.