Best Construction Business Insurance in 2025
Contractor insurance for your construction business. Find quotes covering liability, builders risk, and workers comp.
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Frequently Asked Questions
What insurance do construction companies need?
Construction companies typically need general liability, workers compensation, commercial auto, builders risk, and tools/equipment coverage. Many also need professional liability for design-build projects, surety bonds for public projects, and umbrella policies for additional liability protection.
How much does construction insurance cost?
Construction insurance costs vary widely based on specialty and project types. Small contractors might pay $3,000-$5,000 annually while larger companies could pay $10,000-$50,000 or more. Workers comp is usually the largest expense, especially for high-risk trades like roofing or electrical work.
What is builders risk insurance?
Builders risk insurance covers buildings under construction against damage from fire, theft, vandalism, and weather. It protects your work in progress, materials on-site, and temporary structures. Most policies run for specific project durations and include the project owner, contractor, and subcontractors.
Do I need insurance for tools and equipment?
Yes, construction tools and equipment are expensive and frequently stolen. Tools coverage (inland marine insurance) protects your equipment on job sites, in transit, and at your shop. It covers theft, damage, and sometimes rental costs while equipment is being repaired.
How does workers comp work for construction?
Construction workers comp rates are based on job classifications, with higher-risk trades paying more per $100 of payroll. Rates can range from $5-$20+ per $100 depending on the work type. Proper classification is crucial since misclassification can lead to audits and additional premiums.