Longmont, CO Contractors & Construction Insurance
If you are in the construction industry, be it as a general contractor, operator or remodeler, you know that all projects are vulnerable to uncontrollable problems– so having the right insurance coverage is essential to your success. As Colorado’s leading independent insurance brokerage, DC Insurers Mountain: Longmont understands that you need an individualized contractors and construction insurance policy that is tailored to your business. We guarantee to get you the coverage you need.
Colorado Required Coverage for Contractors Insurance
- Worker’s Compensation– All businesses that have employees, be it one or one thousand, are legally mandated to have a worker’s compensation insurance policy. Premiums are calculated according to the state assigned codes for each occupation’s risk factor.
- Commercial Auto Coverage– Colorado law requires a minimum liability coverage of $25,000/person and $50,000/accident for bodily injury, as well as $15,000/incident for property damage for each company vehicle. Since construction vehicles are specialized for the industry and a vital component of operations, we recommend additional coverage above the minimum.
- General Liability Insurance– Most jurisdictions also require that general contractors have $1,000,000 in general liability insurance to cover personal or property claims. Excess Liability Insurance may also be required since most occupations in the construction industry are classified as hazardous.
Highly Recommended Additional Coverages for Construction Insurance
- Construction Liability– It is very common for clients in Colorado to ask contractors for proof of liability insurance before even being allowed to make a bid. DC Insurers Mountain: Longmont offers a variety of liability insurance policies that will meet your specific needs as a contractor and allow you to stay competitive in the construction industry.
- Contractors Equipment (Inland Marine) Insurance – Off-premises property coverage insures business items for theft, fire and other perils which are not always located on the business premises, which is normally defined as 1000 feet from the physical address.
- Builders Risk Insurance – Provides protection equal to the estimated insurable value of a commercial or residential building project while under construction.
- Lender-required Insurance– This type of coverage is usually needed when a loan is taken out by a contractor, be it to purchase a building or piece of equipment, etc.
- Business Interruption Insurance– Purchasing this type of insurance helps get your company back on track if a project is halted due to uncontrollable circumstances from bad weather to theft of crucial machinery.
- Property Insurance– It’s also a smart decision to ensure that your place of business is protected from fire, theft, vandalism or weather-related damage.
- Flood Insurance– Finally, as we have recently witnessed in Colorado, floods do happen and can be devastating to construction projects. Make sure your worksite is protected.
Call DC Insurers Mountain: Longmont today to see how our construction and contractors insurance experts can design a thorough and affordable package that meets all your needs!
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