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Construction Contractor Insurance
We understand general contractors—whether your business is large or small, even just a self-employed person. Our construction contractor insurance and construction bid bonds are designed to meet the unique needs of general construction contractors.
Construction Accidents Happen
A construction site—whether in Chicago IL, or elsewhere—can be a dangerous place for your employees, customers, subcontractors and suppliers. The unthinkable could happen today:
- damage to customer's property
- misunderstood instructions from the customer
- slips, trips & falls
- lost or stolen materials & tools
- project delays
- injuries to customers or employees
Many business owners mistakenly believe that the incorporation process (Inc, LLC, etc.) completely separates their business from their personal assets. Unfortunately, any prosecuting attorney can easily attack your personal assets. Contractor liability insurance makes sure that you are covered no matter what type of legal entity you have chosen for your business.
There are other risks too. Expensive tools have a habit of getting lost, damaged or stolen - especially in the city of Chicago. What if you can't afford to replace them immediately? There could be costly delays to the job. But if your construction contractor insurance includes tools and equipment coverage, your problems are solved.
And don't forget that if you have anybody working for you - even on a casual basis - you'll need workers compensation insurance as part of your construction contractor insurance.
Construction Contractor Insurance Quotes
Contractor General Liability Insurance
Unfortunately for every business owner, the chances of getting sued have dramatically increased. A general liability insurance policy that is designed for contractors can prevent a legal suit from turning into a financial disaster by providing insurance protection in case your business is ever sued or held legally responsible for some injury or damage. Your policy may include:
- bodily injury coverage
- property damage coverage
- legal defense costs
- contractual liability coverage
- products liability coverage
- and more…
Workers Compensation Insurance
Workers Compensation Insurance is designed to help general contractor companies pay benefits to employees who are injured on the job. In most states, including Illinois (IL), you are required to carry Workers Compensation coverage. Even in non-mandatory states, it can be a very good idea, particularly if you have many employees, or if they are engaged in hazardous activities.
Bonds, including construction bid bonds, are commonly used in the construction industry as an assurance between the contractor and the client as well as between a general contractor and his or her subcontractors.
- Payment and Performance Bonds
- Construction Bid Bonds
- Contract Bonds
- Subcontractor Bonds
- License & Permit Bonds
- and more…
Inland Marine Insurance
Any general contractor who regularly moves expensive materials, equipment, or supplies from one job site to another job site should have some type of inland marine insurance. This way, in the event of an accident, the goods or materials being shipped are protected separately from your auto policy.
An umbrella insurance policy plugs holes in your existing coverage. It provides additional protection that kicks in when the primary insurance coverage has been exhausted.
Melendez Insurance - Chicago Contractor Insurance
You may be shopping around for insurance. But you don't need to settle for the first contractor liability insurance policy that you find—and in fact, you shouldn't do it. Comparing construction contractor insurance quotes is just good business practice.
As an independent insurance agent, Melendez Insurance in Pilsen is able to research a variety of insurance carriers to find you the absolute best contractor insurance policy for you. In Chicago, proof of insurance is required for general contractors.