Post Updated: 11/30/18
Artisan, general, and specialty contractors have seen dramatic changes within their industry over the past decade. Along with these changes and projected growth of the contracting and construction business, the demand for high-risk coverage grows as well.
A recent article in National Underwriter highlights that insurance prices for the construction business have increased by 10–15 percent. This can be attributed to the increase of commercial auto rates due to “the spike in auto accidents and concerns about construction defect claims in areas hit hard by last year’s hurricanes.”
Contractors have had their processes altered through legislation, unreasonable contractual obligations, and construction defect claims. It is now more important than ever for contractors to purchase insurance specifically designed for their industry. This is where Veracity comes in. Find the right solution for your contractor clients with the help of one of our brokers.
With in-house underwriting, we’re able to write insurance for high-risk construction businesses. Working in the construction trade creates ample opportunity for injury or damages. Not having proper contractors insurance could be devastating to a company of any size or specialty, whether it’s a general contractor, plumber, mason, or other contractor.
We can write insurance for the following classes of business within the construction industry:
- Builders Risk
- Commercial Auto
- Contractors Professional Liability
- Environmental and Pollution Contractors
- Equipment & Tool Coverage (Inland Marine)
- Installation Coverage
- Solar Contractors
- Workers Compensation
Most contracts also demand specific indemnification and insurance requirements, including defined general liability insurance limits, insurance company rating, specific policy verbiage, additional insured status, and certificate requirements. We can provide specific limits and can meet other conditions that your client may need for their business.
Let our team help you navigate options and develop a comprehensive insurance policy to meet the needs of your client’s business. For more information about contractors insurance email us at info@veracityinsurance.com. Are you interested in becoming appointed as one of our agents? Follow this link, we want to work with you!