Construction Insurance in Phoenix, AZ
Construction projects in Phoenix, AZ can involve tight deadlines, high-value equipment and multiple contractors on-site, which all introduce risk. Whether you’re a general contractor, subcontractor or project owner, construction insurance may help protect your financial investment and keep work moving forward when unexpected issues arise. This type of insurance is designed to respond to common construction-related exposures like accidents, property damage or delays.
What Is Construction Insurance?
Construction insurance is a general term for a group of policies that may help cover various risks tied to building and renovation work. It’s not a one-size-fits-all product; instead, it’s often a customized package designed for the specific job or business. This coverage may include protections for equipment, employees, liability claims, project delays and more. Some policies are project-specific, while others apply to ongoing operations.
What Are the Different Types of Construction Insurance?
The following types of coverage may be included in a construction insurance package:
- General liability insurance—This may cover third-party injury or property damage resulting from your construction activities.
- Builders risk insurance—This policy typically helps cover the structure during construction, along with on-site materials and equipment.
- Workers’ compensation—This may be required by law and can help with medical expenses and lost wages if a worker is injured on the job.
- Commercial auto insurance—This may apply to vehicles used to transport tools, workers or materials to and from the jobsite.
- Contractor’s equipment insurance—This may help cover owned or leased tools and equipment essential to your work.
Why Is This Coverage Important?
Even with the best planning and safety practices, construction sites are unpredictable. A fire, theft, injury or legal dispute can lead to costly delays and financial strain. Construction insurance may help minimize those risks and provide confidence that you’re protected if something goes wrong.
Contact Sonoran Insurance LLC today to learn more.