Construction Insurance in New Hampshire

Also providing construction insurance to residents in Massachusetts, Maine, Rhode Island, & Vermont.

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What is construction insurance?

Working in the construction industry brings plenty of risks. Fire at a facility, car accidents, worksite accidents and theft almost anywhere are just some of the risks that can devastate a construction business. Construction insurance may help protect New Hampshire contractors from many of these risks.

Construction insurance is specialized commercial insurance for businesses working in construction. Policies may protect contractors against multiple liability and property risks.

What contractors in New Hampshire need construction liability insurance?

Construction liability insurance is something that most New Hampshire contractors in this field should have. Of course, property insurance is important too. Failing to insure against liability or property risks can be financially ruinous if something happens.

As a few examples, these policies are often purchased by the following construction businesses:

• Residential and commercial construction companies
• General contractors and specialized subcontractors
• New home builders and residential community developers
• Heavy construction companies
• Residential remodelers and commercial renovation specialists
• Marine construction crews

Policies can be tailored for almost any business size, with options available for sole proprietors, small businesses and large companies.

What construction liability insurance protections do contractors need?

The exact insurance needs that a contractor has depends on their particular situation. There are several construction liability insurance protections that may be important:

• General Liability Coverage: Normally covers basic accidents (e.g. slips or trips) at facilities and job sites that result in injury or property damage to third parties.
• Professional Liability Coverage: Normally covers errors in work completed or advice given to customers, when the bad work or advice causes substantial harm.
• Employee Practices Liability Coverage: Normally covers harassment or discrimination lawsuits filed by employees or subcontractors.
• Commercial Umbrella Coverage: Normally offers supplemental commercial liability insurance coverage, in case another liability coverage’s limit is exceeded.

In addition to these liability protections, contractors usually also need some form of commercial auto insurance for their trucks and vans. Robust auto insurance usually covers damage, theft, and liability risks resulting from accidents.

What property insurance protections do contractors need?

Property insurance primarily protects assets that a business owns, usually insuring against damage, theft and/or other loss. Depending on the assets that a contractor has, there are a few property coverages that might be recommended:

• Building Coverage: May insure company-owned facilities, storage buildings, office spaces and other buildings.
• Contents Coverage: May insure construction materials, tools and equipment while they’re at a facility or storage building.
• Builders Risk Coverage: May insure materials, tools and equipment while they’re stored at construction sites.
• Inland Marine Coverage: May insure materials, tools and equipment during transport to and from construction sites.
• Mobile Equipment Coverage: May insure mobile, non-vehicle, equipment such as forklifts, backhoes and excavators.
• Equipment Breakdown Coverage: May insure essential construction equipment against breakdowns, often covering emergency repair costs.
• Extra Expense Coverage: May insure against additional costs, such as renting another facility, if a disaster makes facilities unusable.

An insurance agent who specializes in construction policies can help contractors get the coverages they need. An agent will be able to assess the need for both property and liability protections, in light of a contractor’s particular risk exposure.

Do contractors need to carry workers compensation?

New Hampshire state law generally requires that businesses with employees have workers compensation coverage, which typically covers workplace injuries like those that could occur at a construction site.

Contractors who have employees usually need workers compensation coverage. It might come as part of a construction policy, or as a separate workers compensation policy. Workers compensation often isn’t needed for subcontractors.

How can contractors get construction bonds?

Construction bonds might be required in order to secure some larger projects, such as commercial building projects or government projects. 

When a bond is needed, contractors should talk with an insurance agent who knows construction policies well. Although bonds are technically different from insurance policies, a knowledgeable agent will be able to assist with both.

Where can contractors get construction insurance?

For help finding construction insurance in New Hampshire, contact the independent insurance agents at Insurance24. Our agents will work with you to find a policy that will protect your business well.