Pennsylvania Construction Insurance (Quotes, Cost & Coverage)
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Pennsylvania Construction Insurance
Pennsylvania Construction Insurance. If you are a homebuilder, general or specialized contractor, carpenter, or remodeler, then it should be a major goal to reduce your risk exposure with construction insurance that has been tailored to mitigate financial risks due to the professions inherent in your profession.
With the right mix of Pennsylvania construction insurance coverage types in place, you can reduce financial fallout from injuries on the jobsite, damage to equipment, and losses that result from other covered perils.
Pennsylvania construction insurance protects your contracting business from legal liability with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Risks Faced by Construction Companies
Construction companies and independent homebuilders, carpenters, and others working in the industry are under constant exposure to risks that can leave them financially liable for damages.
Some of the most common types of risks include property damage to the company's equipment or property, loss of income due to events beyond the company's control, injuries and illnesses experienced by employees, and liability risks when injuries or property damage causes loss for clients or other third parties.
The Role of Construction Insurance
Construction insurance is a type of insurance that can be the difference between losing money and turning a profit when you take on a construction job. It is vital that you make sure that you have quality PA construction insurance and adequate coverage before taking on work. The coverage that you select depends on a variety of factors, which include the company size, the number of employees you have working for you, and the specific type of construction work that your company performs.
Some of the types of Pennsylvania construction insurance coverage you might consider include:
- General liability coverage. This type of coverage reduces financial risks for your construction business if you are deemed responsible for bodily harm or property harm to another person. General liability is usually required for all worker's in the construction industry in order to obtain a construction or contractor's license or permit.
- Builder's risk coverage. This is liability construction coverage for PA on-site damages that might occur on a job site that you are working on. Although the coverage provided varies by company, this policy may also provide coverage for construction materials that are on the site, prior to their installation. Limits for the Pennsylvania construction insurance policy are based on the value of the completed structure, in most cases.
- Professional liability coverage. If you are a contractor who provides consultation, advice, or design work as part of the services rendered, then professional liability coverage can protect you from any allegation of wrongdoing if the advice or consultation goes south. Also referred to by the name 'errors and omissions' coverage, this insurance type covers any claims against you if your advice, design, so on, causes the recipient of your services a loss.
- Income loss coverage. If you experience a business interruption that results in loss of income due to a covered peril, this type of coverage can provide monetary help for up to a year.
- Worker's compensation. PA requires this valuable coverage if you have employees. This provides coverage for employee losses due to accident, injury, illness, or death. It can also pay medical costs.
- Commercial auto coverage. If you use a vehicle in the course of doing business in PA, then that vehicle should have auto coverage specially designed for commercial use. This coverage pays for losses by both you and anyone involved in an accident that you or your employees cause.
Business Owner's Policies for Construction Businesses
A BOP, or business owner's policy, is often an appropriate type of Pennsylvania construction insurance coverage. If you have a small business, this policy, which combines multiple coverages, may be right for you. To qualify, you should generate $5 million or less in revenue annually and hire no more than 100 employees. These PA construction insurance policies generally provide:
- General liability coverage to pay up to $1 million in losses due to injuries or damages incurred by a third party.
- Medical payments for injuries to people on your property.
- Property coverage for damage to your business' property and equipment.
- Business income loss for business interruption and work stoppage.
- Equipment breakdown coverage for mechanical breakdowns.
- Rental vehicle insurance for losses to a rented or borrowed vehicle.
Cost of Construction Insurance
A variety of factors determine the cost of your Pennsylvania construction insurance premiums. The type of work that you do, the amount of work that you do, the number of employees you have, and your history of claims all factor into your costs. If you construct high-value buildings or other structures or you develop land from the ground up, your costs may be increased. In some cases, you will pay a particular percentage of your expected sales as a premium, with monthly payments to follow.
Finding the Right Policy for Your Needs
Finding the right Pennsylvania construction insurance is easiest when you work with a professional insurance agent who understands the construction industry. An agent who works with general contractors, heavy contractors, home-improvement companies, and specialized contractors such as electricians, plumbers, framers, carpenters, or masons is most adept to understanding your needs and helping tailor a policy for your needs. The agent can also help you compare quotes from multiple companies to get the right policy for your budget, based on the requirements you have and the individual perils that your business faces during day-to-day operation.
Request a free Pennsylvania Construction insurance quote in Allentown, Allison Park, Altoona, Baldwin, Bensalem, Bethel Park, Bethlehem, Bloomsburg, Carlisle, Chambersburg, Chester, Drexel Hill, Easton, Erie, Fullerton, Greensburg, Hanover, Harrisburg, Hazleton, Hermitage, Hershey, Horsham, Indiana, Johnstown, King of Prussia, Lancaster, Lansdale, Lebanon, Levittown, McKeesport, Monroeville, Murrysville, New Castle, Norristown, Philadelphia, Phoenixville, Pittsburgh, Pottstown, Pottsville, Reading, Scranton, State College, Upper Darby, West Chester, West Mifflin, Wilkes-Barre, Wilkinsburg, Williamsport, Willow Grove, York and all other PA cities. Also see New York Construction Insurance, New Jersey Construction Insurance, Delaware Construction Insurance, Kentucky Construction Insurance, California Construction Insurance, Texas Construction Insurance, Illinois Construction Insurance
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, Markel, Nationwide, Penn America, Philadelphia, Progressive, Scottsdale, The Hartford, Travelers, USLI, Western World, Zurich & others.