General contractors – also known as construction managers – understand that with responsibility comes the potential for risks. They orchestrate construction projects, often working alongside architects while budgeting, planning, and hiring building crews. And because general contractors oversee the construction project from start to finish, they are often the ones held accountable if something goes awry in the process.
Even though the construction industry is at the whim of the economy, general contractors are in higher demand, thanks to the need for energy-efficient buildings and renovations. And while this is a time of opportunity to grow your business, it’s also a prime time to begin (or strengthen) your protection planning. That way, if a member of your building crew is injured during construction or your building fails to meet state codes, you will have the financial backing to address these unexpected situations and still have the means to keep offering your services.
Fortunately, there’s no need for guessing which insurance coverages most benefit your general contracting company. The general contracting insurance specialists at Insurance Services of Texas in Frisco build plans specifically for professionals in your industry every day. We work with top-tier insurance carriers who offer products designed for your needs, and because of our longstanding relationships, we can pass along lower rates to you.
Most general contractors carry the following insurance coverages to protect them from the most common risks of their business:
- Builder’s Risk Insurance
- General Liability Insurance
- License Bonds and Permit Bonds
- Property Insurance
- Commercial Auto Insurance
- Business Owner’s Policies
- Professional Liability Insurance
- Inland Marine Insurance
- Workers’ Compensation Insurance
- Umbrella / Excess Liability Coverage
General Contractors rely on adequate General Liability Insurance to safeguard their business against the mounting risks of potential lawsuits over accidents, injuries, and illnesses — especially in today’s litigious environment.