Types of Construction Insurance in Tucson, AZ
Construction insurance in Tucson, AZ is a necessity, as it is required by Arizona state law. Not only do you need to be covered to the letter of the law, but you should also have added protection against issues like damage to your reputation and equipment. Here are the types of coverages that you need to operate in this state.
General Liability
This liability insurance covers you if you are sued for an accident or if someone claims you were negligent in your duties as a company. It can also protect you against claims of damage you cause to the property owner and includes bodily injury or other problems caused by something you install or modify. This includes things like faulty plumbing and bad seals.
Professional Liability
Unlike general liability, professional liability construction insurance in Tucson, AZ covers you for mistakes that you make while working. As much as you try to avoid them, mistakes can happen. This type of insurance covers you against financial loss when something goes wrong while you are working on the job. It covers your financial losses, where general liability covers damage to the client. It can also cover you if your reputation is damaged.
Commercial Auto Insurance
A lot of commercial construction involves vehicles of one type or another. This insurance covers property damage, damage to vehicles and injury to the drivers. It can be tailored to cover both long and short distances when moving between sites. Most commercial auto insurance works the same way that traditional insurance does, except it is for vehicles used in the operation of a business.
Builders Risk
Builders risk construction insurance in Tucson, AZ is particularly important because it covers the risks that you assume from just doing business in the area. It helps you in the event of a:
- Fire
- Explosion
- Water damage
- Damage resulting from faulty planning or design
This is also particularly important for the Arizona desert climate where heat and sand are an issue because it also covers operational wear and tear on equipment.
Environmental Insurance
Environmental insurance is a specialized type of insurance. It covers you when there is an environmental issue such as hazardous waste disposal accidents. This is particularly important when considering only 17% of Arizona is private land. The rest is public and usually protected or designated parkland.
Worker's Compensation Insurance
Worker's compensation is one construction insurance in Tucson, AZ that you need to have. Construction workers face a variety of risks while on the job; this insurance coverage protects your workers if they sustain any injuries while working. If the injury or illness occurs while they are doing their normal duties, it covers their medical expenses.
Defect Insurance
This, when added to your standard policy, protects against manufacturing defects, and claims against negligence in the construction. It could be that the materials are defective or the design itself is. This helps even after the building or project is complete. It can save you from having to deal with a lengthy lawsuit later.
Other Valuable Insurance
There are other types of coverage that you can purchase to insure your Tucson, AZ construction business. Coverages like inland marine insurance coverage can help you offset the cost of marine shipping accidents when materials and equipment are being shipped to your construction site. Cyber insurance coverage can cover you against a cyber-attack on your computer, construction, or other related equipment. Learn more about HUB’s construction insurance offerings!