Construction Insurance in Irving, TX 

Construction insurance generally refers to a mix of different types of coverage that may collaboratively mitigate various financial risks. It may provide financial support to parties involved in a construction project, such as contractors, project owners and subcontractors.

What Types of Construction Insurance Should I Get?

You can select different types of insurance based on the work you do and the size of your operations. Your agent may recommend the following:

• General liability coverage may compensate for third-party injuries or property damage resulting from your construction activities.

• Workers’ compensation insurance may cover medical treatments and lost wages if an employee becomes injured or falls sick due to their job.

• Commercial auto coverage may pay for accident-related expenses involving your company vehicles.

• Builder’s risk insurance may cover damage to buildings under construction due to fire, theft, vandalism or severe weather.

• Surety bonds, while not insurance, are an agreement that financially guarantees a project’s completion according to the conditions outlined in the contract.

• Contractor’s equipment coverage may cover leased, borrowed or owned tools and machinery that get stolen or damaged.

• Business interruption insurance may help replace lost income and cover operating expenses if your business temporarily ceases operations due to a covered event.

What Factors Influence Construction Insurance Costs?

Many factors can impact construction insurance rates, including the following:

• Project size—Larger builds often carry more risk, leading to higher insurance costs.

• Scope of work—Specialized tasks or high-risk activities may require additional coverage, increasing your overall premium.

• Local laws and regulations—Insurance requirements vary by region, and compliance with local rules can influence the type and cost of coverage.

• Geographic region—Environmental, geographic and geological factors in certain regions can drive up insurance rates.

• Market conditions—Shifts in the insurance industry, such as rising claim volumes or economic changes, can affect premium rates across the board.

We’re Here to Help

The agents at Festival Auto Insurance can assist you with your construction insurance needs. Contact us today to get started.