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Construction Insurance

Albany, Schenectady, Troy, Saratoga Springs, NY

Why does a construction company need a risk management program?

Construction professionals and contractors are faced with daily risks of jobsite hazards to the public, employees and other contractors as well as damage to their tools, equipment and materials. Good construction risk management programs can not only provide protection for material and natural disasters but can help you maintain a safe worksite and team of employees and prevent your exposure to losses of all types.   

Construction companies need an insurance agent who fully understands the construction industry, your unique exposures and how to best insure or transfer the risk. General contractors, carpenters, homebuilders, remodelers, plumbers, electricians, handymen and other professionals in the construction industry can benefit from such specialized attention.

Important aspects to a construction company risk management program

Construction professionals work in an inherently hazardous environment. For this reason, safety procedures and training, risk management programs, specialized insurance policies, and procedures are necessary for proper coverage and loss control.  Some of the specialized aspects of a good risk management program are the following:

• General Liability Endorsements and Exclusions: Are you aware of the specific exclusions and endorsements in your general liability policy? What are the key endorsements you should have or require from your subs?
• Risk Transfer Agreements:  Construction companies are often general contractors hiring sub-contractors, or acting as the sub-contractor.  Having the proper risk transfer mechanisms in place are imperative to properly protect the business. 
• Guidelines for Business Auto Usage: Does your company have standard policies and procedures for employees operating business vehicles and personal vehicles while on business?
• Builder’s Risk Insurance: Intended to cover property at worksites and under construction.  They can be written on a per project or blanket basis.  Do you know the best option for your business?
• Workers Compensation Experience Modifiers: Understanding what goes into an experience modifier and having the right kind of employee safety procedures will not only make a safer workplace, but help the bottom line.
• Bonds and Surety:  Navigating the financial requirements of the surety market is key to your ability to obtain Bonding. Understanding what a surety market looks for in a growing business couldn’t be more vital to your success. 

Get started today!

Ten Eyck Group has a staff of construction industry professionals that will work with you to evaluate your business and develop the appropriate programs that will protect you and assist in the growth of your company.  Give us a call so we can start the process with you.