Policies like professional liability, workers’ compensation, or commercial property insurance are common outside of construction, so the basic principles remain the same. That said, it’s crucial to consider the scope of damages unique to construction companies’ needs and find dedicated coverage options for the industry.
An insurance package that specifically reflects the liability and claim profile of a new construction project will account for the equipment involved, materials used, and special cases of liability. Industry-specific insurance will also help you follow regulations and include higher coverage limits for complex contractual relationships and high-value equipment.
A Marsh McLennan Agency consultant might find the right insurance package for your company with coverage that may be more comprehensive than a general-purpose policy. Thanks to our industry knowledge and experience with the needs of a construction company, it may be more cost-effective compared to the broad offerings on the market.