Category Archives: Construction Insurance

Construction Insurance in Wayne, NJ

Types of Construction Insurance You Might Need

Before beginning your next project, it’s worth your while to check out some available coverage options from companies offering construction insurance in Wayne, NJ to find out how they could benefit you. Depending on the size of your operation and the project at hand, you could need a wide number of coverage options or only a handful. Some of those that have benefited and continue to assist construction companies of all shapes and sizes include:

  • Business auto coverage, which provides coverage for the vehicles your business owns that might not be used on the job.
  • Coverage for the big, important pieces of equipment and machinery that help you to get the job done at the work site. This means if your equipment breaks down, you won’t be scrambling to get funds for repairs.
  • Business interruption, which may reimburse you if you have to shut down the project before completing. This can help cover lost profits, relocation and other various costs.

These are some of the most common, most effective means of protecting your business from lawsuits and loss of profits out there, and can be found with a variety of great agencies. Speak to a professional in order to assess your company’s needs and get the coverage you require to keep your business safe both in the present and in the future.

new jersey contractors insurance

Specialized Industry, Specialized Protection

As a contractor, you take on unique risks and challenges not found in other commercial industries. As such, you need insurance that understands your liabilities and offers the right kind of coverage. In New Jersey, contactors insurance is vital to the protection of your company, and can help your business expand by providing targeted coverage at an agreeable rate.

Not Your Typical Commercial Policy

Unlike standard commercial general liability insurance, contractors insurance offers specialized coverage that incorporates the risks of construction. Your general liability policy, therefore, should be anchored with additional products, such as

  • builders risk
  • workers compensation
  • business interruption
  • pollution liability, and more

One-on-One Attention With Your Agent

Throughout New Jersey, contractors insurance is helping construction companies save money and become better protected. However, no two agencies are alike, and you should find one that is willing to work with you closely to determine the best fitting policy for your business. You want an agent who takes the time to visit your projects, thoroughly valuing and assessing your risk. This way, you only get the coverage that you need, without paying for that which you don’t. This saves you money, while keeping you better protected.

Contact your local New Jersey contractors insurance agency today. Find out how you can start saving on insurance costs while receiving more comprehensive coverage.

surety bonds pennsylvania

3 Reasons you Need Surety Bonds for Your Next Project

If you’re getting ready to begin any construction-based project which involved other parties like contractors and subcontractors, you should consider using surety bonds in Pennsylvania to make sure that all parties are meeting their respective ends of the bargain. While it seems like it’d be simpler just to work on the honor system, there are risks inherent in these types of agreements that can really come back to bite you financially as the owner of the property. There are several reasons why you should use these services, some of the most important including:

  • In the event that a contractor fails to pay subcontractors and other parties they’ve recruited for the project, you’ll be held financially responsible. You can remedy this with a surety bond.
  • If you complete the project and then begun experiencing issues with the work that’s been completed, you may be unable to seek repairs if you haven’t written up a guarantee through a surety bond.
  • Without a surety bond, there’s never a surefire way to guarantee that your contractors will complete the work according to the terms and conditions you’ve agreed upon.

Overall, surety bonds in Pennsylvania are the ideal way to ensure that you’re able to complete your project without a hassle, and they you get the quality construction that you’ve been waiting for.

Two Compelling Reasons to Invest in Construction Insurance Coverage

The nature of business operations, inherent risks, and unique procedures all vary significantly from industry to industry. The construction industry can present a special set of challenges, risks, and dangers. Investing in Clifton construction insurance can be a highly advantageous move for your company to provide protection and confidence in operating your business. Here are two compelling reasons why you should invest in a policy.

  1. Customize to Meet Your Needs – Many providers of construction insurance provide an overarching general liability policy. While this kind of coverage is certainly better than nothing, it doesn’t address the unique risks different companies face. An adequate policy will include special coverages including builders risk, employment practices liability, and pollution liability to name a few. With a customized plan, you can be fully confident in your company’s ability to operate safely and with full, specialized protection.
  2. Increase Your Confidence – There is nothing quite like the unsettling feeling that accompanies business operations that aren’t insured. Properly protecting your business, assets, employees, and customers is greatly enhanced with the accompaniment of a reliable policy. When you are backed by insurance that is fully able to meet your needs, you can be more confident in your ability to provide a quality service for your customers.

Clifton construction insurance is an excellent investment for any business in the industry. These are just two of the compelling reasons why you should get a policy today.

How Business Interruption Insurance Can Help Your Contracting Business

Planning for eventual mishaps is a fundamental part of running any business, especially construction. Contractors need to plan ahead for eventual mistakes and accidents that could potentially shut down their business. That is where business interruption insurance for contractors in Clifton, New Jersey comes in. This type of insurance can help you on a few different fronts.

Cover Expenses

When your business is forced to close due to unforeseeable circumstances, such as a fire or hurricane, you will have a lot of expenses. Reconstruction, relocation and replacing equipment are all major costs that, without this insurance, would come straight out of your pocket. Having this type of policy can save you time, money and effort, which can help get your business up and running again quickly.

Pay Irreplaceable Employees

Business interruption insurance can also help you pay some of your more fundamental employees. Insurance companies can help you identify which of your employees absolutely need to stay on your payroll while you are closed. This practices allows you to keep them attached to your company and to reopen with your most valued and necessary employees intact.

Having income during a crisis is always important. It is especially important when you run a contracting business. Business interruption insurance for contractors in Clifton, New Jersey can help keep your company from being completely destroyed if you should have to temporarily close due to a catastrophe.

What Makes Insurance the Best?

When you start looking at insurance for your construction business, you want to find the best. The best insurance means that your business will be fully covered no matter what life throws at it. However, knowing that you want the best and how to find the best construction insurance in New Jersey are two different things. In order to know how to find it you have to know what the best is.

Well-Rounded

The best insurance is a policy that protects you in all instances. It’s a policy that gives you peace of mind even during inclement weather. In other words, the best insurance is well-rounded. Finding insurance that is well-rounded and perfectly suited for your business isn’t going to happen by luck. This type of policy has to be built specifically for your business. That’s the only way to ensure that you get the insurance that your business needs.

Custom

The best insurance policy is one that can be custom built to fit your needs. In order to be able to build the best insurance, you have to work with a company that knows the construction industry. They’ll be able to help you figure out exactly what sort of coverage your business needs.

Talk With an Insurance Agent

When you’re wondering how to find the best construction insurance in New Jersey, you should really be concerned with finding the best provider. Talk with a knowledgeable insurance agent today to get a well-rounded, custom built policy.

Tips for Keeping Construction Insurance Premiums Low

For any contractor who owns their own business, a good insurance policy is essential. However, it can be a challenge to pay for a policy that carries high insurance premiums. When you choose to work with a Newton construction insurance agency that is willing to be flexible on your behalf, there are a few things that you can do to keep your premiums low.

Enforce Safety Guidelines

Safety codes are in place for a reason. Construction sites are inherently risky, and if your employees are frequently being hurt, your premiums are likely to stay high. If you instead focus on staying within the safety standards and protocols provided by governmental entities or your Newton construction insurance agency, you are likely to lower on-site accidents and save some money.

Consider Combined Coverage

Having two separate policies can become expensive, especially when you have to pay two different premiums. As a business owner, you may be able to combine your different coverages for lowered premiums, which would make your overall expenses less that if you pay separately.

Increase Deductibles

With lower deductibles, you are likely to pay less out of pocket, but the result is that your monthly premiums are higher. Instead, you may want to increase your deductible payments and enjoy the reduction in premium payments.

Working with a Newton construction insurance agency can help you get the premiums that you need to stay within budget.

Tips for Finding Construction Insurance in New Jersey

With the marked increase in demand for construction services throughout the state of New Jersey, it’s now more important than ever for business owners in the industry to be insured. Luckily, there hasn’t been a better time to scope out your options. Here are some tips on how to find the best construction insurance in New Jersey.

  1. Choose Local – When you begin insurance shopping for your construction business, it’s best to choose an agency that is local to your state and/or the surrounding regions. This ensures that the company you work with is familiar with the territory you cover and can provide better advice and recommendations as a result. Moreover, working with a local agency is a great way to receive personalized, one-on-one support from insurance specialists who appreciate your business.
  2. Make Sure You Have Options – The next step is to find an insurer that offers an array of coverages to suit your specialized needs. Due to the nature of construction, there is always a chance your business could be held liable for something that goes wrong. In addition to offering strong commercial general liability coverage, the best construction insurance agencies offer several specific coverages such as pollution liability, business interruption insurance, surety bonds, and more.
  3. Find an Experienced Agent – Choose an agency that is willing to spend time with you in order to pinpoint your exact insurance needs. This means having an experienced agent meet with you at your place of business to review your property, help determine its proper value, and adjust your coverages accordingly. The last thing you want is to pay more to insure a piece of equipment or property when you really should be paying less.

There’s never been a better time for business owners in the construction industry to get insured. Now that you know how to find the best construction insurance in New Jersey, it’s time to go out there and get it!