We highly suggest getting insurance for general contractor commercial construction Houston, TX before you start your next project. If you’re not sure where to start finding the best coverage for you or your team, get in touch with the experts. Texas Insurance Agency has years of experience with business insurance, and we can help you find the general contractor commercial construction insurance plan you need. Call us to get a free quote today!
What is general contractor’s insurance?
General contractor insurance, also known as contractor’s insurance or construction insurance, is a type of coverage designed to protect contractors and construction workers from various risks and liabilities related to their work. General contractors oversee and run building projects, which comes with its own risks. That’s why this type of insurance meets different needs from other industries.
Although state law doesn’t require contractor’s insurance, that doesn’t mean local authorities, companies, and contracts will say the same. Sometimes, the paper in front of you will require insurance even if the state itself does not. Get started on your next project while protected by the right insurance plan.
Texas Insurance Agency has the tools and expertise to help you find the best general contractor commercial construction insurance plan. We have years of experience helping clients find the plan to keep their finances protected so that they can work with peace of mind. Contact our nearest office today to schedule a meeting or get started with a free quote.
General Contractor Commercial Construction Houston, TX
In the construction industry, contractors need different kinds of insurance to protect their businesses and deal with the risks of building projects. A lot could happen during a project, from broken arms to stolen machinery. You want to ensure your finances are secure with the right general contractor commercial construction insurance. Here are some of the most important policies that most contractors need:
General Liability Insurance: A basic coverage for workers is general liability insurance. It protects against claims from third parties for bodily injury, damage to property, and personal injury caused by building work. It can pay for the costs of a legal defense, a settlement, or a court ruling.
Builder’s Risk Insurance: Builder’s risk insurance, also called construction risk insurance, covers buildings and things that are being built. It keeps damage from things like theft, crime, fire, and some kinds of weather damage from happening.
Workers’ Compensation Insurance: Unlike most states, Texas does not require you to have worker’s comp for your team members, subcontractors, or contractors. However, we still suggest you get it. When an employee gets hurt on the job, this coverage helps pay for things like hospital bills and lost wages. It also protects the business from claims from employees who get hurt on the job.
Commercial Auto Insurance: Your building business needs commercial auto insurance if you own or drive vehicles like trucks or vans to move equipment and materials. It covers your business cars in case of accidents, lawsuits, or damage to property.
Umbrella or Excess Risk Insurance: This type of insurance gives you more risk protection than your general liability policy allows. It helps general builders who want extra protection against claims that could be very bad.
Contractors in commercial construction may need different kinds of insurance based on the size of the projects, the services they offer, and the terms of their contracts. It’s important to work closely with an experienced insurance agent or broker who knows the industry to make sure that your business’s insurance covers the risks and needs that are special to it.
When Is Contractor’s Insurance Needed?
Although Texas doesn’t mandate that you need general contractor commercial construction insurance, there are still times when you may need to have coverage in place before you and your team can start working. A few of those times include the following:
Contracts: Builders usually make agreements with clients, project owners, or general builders. In these arrangements, the contractor may be required to have certain types and amounts of coverage. In the building business, these kinds of contract requirements are common and are meant to protect everyone involved.
Project Details: Insurance requirements may be part of the project specifications for some building projects, especially bigger and more complicated ones. Owners of the project or general builders may require contractors working on the project to have certain types of insurance.
Client Requirements: Based on their risk management policies or standards, clients or project owners may have specific insurance requirements. Contractors often have to show that they meet these standards in order to get work.
Requirements for Subcontractors: General contractors may ask subcontractors to show proof of insurance coverage to make sure subcontractors are safe while working on the job.
Industry Standards: Some businesses and trade groups may require insurance as part of their best practices or industry standards. Contractors who want to join or get approved by these groups may need to meet these standards.
Contractors should carefully look over the rules for each job and area they work in to make sure they meet all of their insurance and bonding requirements. If you don’t meet them, you could face legal and financial problems, and your ability to bid on or finish jobs could be at risk. Contractors can make sure they have the right coverage to meet the minimum contract standards by talking to an insurance agent or broker.
Let’s Get to Work with Coverage
Texas Insurance Agency can help you connect with the coverage you need to succeed. Our team has helped clients throughout Houston for years, and you can be the next. Call our office today to schedule a meeting or hear more about any of your insurance options. Our team is more than happy to show you all your available options for general contractor commercial construction insurance.
Houston, Texas Fun Facts:
- The city was named after Sam Houston, a military commander turned politician.
- Although it was named after him, the city was founded by two businessmen who admired him.
- For two years, the city was the capital of the state.