Contractor Insurance & Bonds
At Madison Avenue Insurance Group, we understand that commercial contractor insurance can be complex and requires a tailored approach. Whether you’re a general contractor, artisan, developer, or subcontractor, our dedicated team is here to guide you through the nuances of coverage, bonding, and risk management.
We specialize in providing comprehensive solutions for contractors with complex service needs and high coverage requirements. Our knowledgeable staff ensures that your commercial contractor insurance policies meet your unique business needs, providing you with the protection necessary to focus on what you do best—getting the job done.
We embrace accounts with complex service needs.
Commercial Contractor Insurance Coverage Offerings
We offer a full range of coverage options designed specifically for commercial contractors, including:
- General Contractor Liability: Protects you from risks related to property damage or bodily injury caused during the course of your work.
- Artisan Contractor Liability: Tailored for specialized trades, covering everything from electrical to plumbing to carpentry.
- Developer Liability: Comprehensive coverage to protect developers from liabilities associated with the construction and development process.
- Builders Risk Property and Liability: Provides coverage for properties under construction or renovation, safeguarding against risks like fire or weather-related damage.
- Construction Wrap Programs: A consolidated insurance policy that covers all contractors on a project, simplifying coverage under a single policy.
- Pollution Liability: Coverage for contractors handling or working near pollutants, including chemicals, asbestos, and hazardous waste.
- Commercial Auto: Covers vehicles used in your contracting business, whether for transporting goods, materials, or employees.
- Heavy Equipment and Tools: Protects the tools and equipment you rely on to complete projects, from power tools to cranes.
- Installation Coverage: Covers installed products or materials until they are fully incorporated into the project.
- Business Owners Policies (BOP): A comprehensive package of essential coverage, including property, liability, and business interruption.
- Professional Liability: Protects against claims of negligence, errors, or omissions in professional services provided by your business.
- Business Health Insurance Plans: Group health plans designed to provide your employees with essential healthcare coverage.
- Workers’ Compensation: Coverage to protect your employees in case of work-related injuries or illnesses.
Construction Bonds
Construction bonds are essential for ensuring that construction projects proceed smoothly and financial obligations are met. These bonds provide a financial guarantee against a contractor’s failure to complete a project or meet contract specifications.
We work with a wide range of construction bonds to meet your specific needs, including:
- Licensing Bonds
- Maintenance Bonds
- Bid Bonds
- Performance Bonds
Our team is equipped to handle all types of bonds, regardless of your credit rating, and we work with the best surety companies to ensure you get the coverage you need.
Builders Risk Insurance – Protecting Your Projects
Builders Risk Insurance is critical for protecting your investment during construction or major renovation. Whether the project is for your own client or your own property, this policy covers the structure, materials, labor, and even soft costs like permits or architectural designs should an unforeseen event like fire, wind, or vandalism cause damage or delays.
Typically, a builder’s risk policy does not include liability coverage, so it’s important to ensure you also have an Owner’s Protective Liability Policy to cover third-party claims unrelated to the construction process.
Pollution Liability Coverage
In today’s environmentally conscious world, contractors face increasing exposure to pollution risks, even in low-risk sectors. Pollution liability covers contractors for damages caused by pollutants they work with or transport.
Common pollutants include:
- Asbestos
- Pesticides and herbicides
- Oil-based paints
- Chemicals and gas
- Mold and sewage
Pollution liability coverage can be essential for contractors who work with or transport hazardous materials. For example, if a contractor accidentally punctures a gas line or causes mold to spread due to improper construction, pollution liability can cover clean-up costs and restitution for damages.
Types of Pollution Liability Coverage:
- Pollution Legal Liability: Coverage for on- or off-site pollution claims, including bodily injury, property damage, and clean-up costs.
- Professional and Contractor Environmental Liability: Covers pollution-related claims stemming from your professional services, including advice and recommendations made during the course of a project.
- Trucking Pollution Insurance: Extends coverage to hazardous materials transported from one location to another.
- Storage Tank Pollution Liability: For businesses storing hazardous materials in tanks (e.g., fueling stations).
We offer competitive pricing and are continuously exploring new markets to provide comprehensive pollution coverage options.
Liability Insurance – Protect Your Business
Liability insurance is essential for contractors, covering claims made against your business for bodily injury, property damage, or personal injury. It also protects against product-related injuries, claims for defamation (libel/slander), and lawsuits from third parties.
Key features of Liability Insurance include:
- Legal and defense costs for lawsuits
- Coverage for bodily injury to others or damage to their property
- Protection against claims for libel, slander, or defamation
Employer and Customer Discrimination Coverage
Contractors should also consider Employer Practices Liability Insurance (EPLI) to protect against claims of discrimination, harassment, or wrongful eviction filed by employees.
In addition, Third-Party Employers Practices Liability Insurance covers claims brought against you by customers, vendors, or suppliers for discrimination or harassment.
Both policies can include coverage for legal costs, which can quickly add up.
Loss of Income Coverage
While property insurance covers the physical damage to your business property, Loss of Income Coverage compensates you for lost revenue during the restoration period. This coverage helps cover expenses such as payroll, taxes, and overhead while your business is recovering.
Whether you’re a contractor looking to protect your business from risk, or a company needing bonds for your next project, Madison Avenue Insurance Group is here to help. Our team of professionals will work with you to assess your needs and ensure you have the right coverage at competitive rates.
Contact Our Team Today for a no-obligation quote and to learn more about how we can support your contracting business.
Premium Financing: We offer financing options for most commercial contractor insurance policies.
All Credit Ratings Accepted: We work with a wide range of credit profiles.