For professionals working in today’s construction industry, there are many complex challenges to navigate. CAL Insurance understands that protecting your business from risk requires an in-depth knowledge of the construction industry and the ability to offer strategic partnerships with premier insurance programs. From sourcing reliable skilled labor to achieving acceptable margins and deadlines for project completion, our team knows the potential pain points and can support your construction business with airtight construction-related insurance. In addition, our employee benefits team can be brought in to consult on leveraging HR technologies while also meeting the important objectives you have for your employees and their families.
Workers’ compensation coverage is mandatory, and proper management of the program is essential. As coverage differs from state to state, based on varying state labor laws, it is important to keep your insurance advisor aware of new hires, especially when hiring in various states. The omission of maintaining a proper risk control plan could result in your premiums being heavily surcharged, which is why it is paramount that you create a culture of safety to manage your costs. It is imperative to partner with an insurance advisor that can give you the tools to keep safety front and center while you focus on your business.
A comprehensive and flexible set of coverages for financial loss brought on by the loss or damage to property under construction. Builders Risk Insurance addresses issues such as increases in the cost to construct unbuilt portions of a project due to a covered cause of loss, the loss of income due to project delays caused by covered losses, and much more. Builders Risk Insurance is designed to keep your project and your business on track and moving forward.
An installation floater insures property or material that is installed, fabricated or erected by a contractor up to the time that the work is accepted by the purchaser. In some situations, installation floaters can also insure landscaping materials such as trees and shrubs. While an installation floater doesn’t cover an existing part of a building, it can be used to insure moveable property and is a good idea for anyone who stores, moves or receives delivered materials.
General Liability is the starting point for allegations of bodily injury and property damage suffered by a third party. This integral coverage can be written to stand alone or be included as a part of a comprehensive package. This coverage responds to losses ranging from client injury on your equipment, damage caused to the premises by your crew or problems related to your craftsmanship or installation. In many states, general liability coverage is required for your contractor license.
A pollution insurance policy is designed to respond to claims of the release of pollutants into the environment. These policies fill a gap in coverage created by the pollution exclusion in a standard General Liability policy. The policy should include coverage for allegations of bodily injury or property damage as well as clean-up costs and defense relating to the pollution condition.
Basic property policies may only cover damage caused by external sources such as fire, wind and rain and not address equipment breakdown, which can take a toll on your budget in the form of costly repairs and lost productivity. This coverage delivers insurance for the breakdown of machinery and equipment that runs your business and is often excluded from standard commercial property insurance.
Your operations may include the need for company vehicles. Liability does not just stop at the owned vehicles of the organization but also is a concern when employees are driving their own vehicles on the company’s behalf. Coverage to protect the company owned vehicles in case of theft or damage is referred to as “comprehensive” and “collision” coverage, and both should be added in most cases.
When entering a contract that requires higher liability limits or to protect additional assets, an excess liability/umbrella policy is recommended. The coverage typically exceeds the general, auto and employer liability limits and is a part of a workers’ compensation policy.
Cyber insurance should have coverage for both first and third party exposures. A robust program will also include cyber crime coverage. Limited cyber coverage can be embedded within a property, general or professional liability policy, which may or may not be the right solution. Your CAL advisor will know more on which platform is most appropriate.
Employment Practice Liability can stand alone or be added to a D&O program. This coverage protects against allegations such as wrongful termination, harassment (including sexual harassment) and discrimination. The limit should allow for defense costs as well as any settlement or judgment, when allowable by the policy.