What Are the 4 Types of Construction Insurance?

Construction insurance is not only a legal mandate, but it is also a business necessity, whether you run multi-million dollar construction companies or small independent crews. At Summit Cover, our expertise lies in offering custom business insurance plans tailored to the specific needs of the construction industry in Canada. What Are the 4 Types of Construction Insurance?

This guide helps you understand the 4 critical categories of construction insurance every construction firm must have, and how you can obtain the best insurance to cover your projects, property, and employees.

Why Construction Insurance Cannot Be Negotiated

The construction business is rooted in risk, accidents, damages, delays of projects, or even lawsuits. Lack of proper construction insurance may result in a serious loss of finances, even due to an individual accident. This is where Summit Cover comes into play with personalized coverage solutions to support construction companies, both large and small.

4 Types of Construction Insurance Every Business Needs

1. General Liability Insurance of Construction Companies

This is the backbone of any construction insurance policy. It protects your business from third-party claims involving:

• Bodily injury on job sites
• Property damage caused by construction activities
• Legal defense fees and settlements

At Summit Cover, our construction business insurance packages ensure that your construction company is covered from all angles. Whether you're managing construction companies near me or operating a niche contracting business, general liability is crucial.

2. Builder’s Risk Insurance

This type of insurance protects buildings and structures under construction. Coverage includes:

• Fire
• Theft
• Vandalism
• Weather damage (hail, wind, etc.)

Builder’s risk insurance is ideal for construction companies working on both residential and commercial projects. At Summit Cover, we customize builder’s risk policies to suit the scope and timeline of your construction jobs.

3. Workers’ Compensation Insurance

In any construction job, worker safety is a top priority. This insurance provides:

• Wage replacement for injured workers
• Medical benefits
• Rehabilitation costs

From project managers to skilled laborers, Summit Cover ensures that everyone on your team is protected. If you’re searching for construction companies near me that put employee safety first, know that they're likely already backed by proper workers’ compensation insurance.

4. Commercial Auto Insurance for Construction Vehicles

Whether you’re transporting materials, tools, or crew, your vehicles need coverage. Commercial auto insurance protects:

• Construction vans and trucks
• Equipment transport vehicles
• On-site mobile units

Summit Cover offers commercial vehicle insurance for construction companies that rely heavily on transport. Having the right vehicle coverage avoids out-of-pocket costs in case of accidents or theft.

Summit Cover: The Go-To for Construction Business Insurance in Canada

At Summit Cover, we understand that no two construction companies are the same. That’s why we offer fully customized insurance plans for businesses operating in the construction sector.

Our services cover:

• General contractors
• Subcontractors
• Specialty construction companies
• Renovation companies
• Commercial and residential builders

Whether you're gearing up for vacances construction 2025 or launching a new build, make sure you’re protected with insurance plans from Summit Cover, your trusted partner in construction insurance.

Summit offers the best business and commercial insurance in Kelowna, so before starting your construction business, get all the information you need to know!

Construction Companies Near Me: Why They Trust Summit Cover

Wondering why so many construction companies near me are already partnering with Summit Cover? Here's why:

• Expert insurance advisors who understand the construction landscape
• Affordable premiums on comprehensive coverage.
• Quick, hassle-free claims procedure
• Custom-made packages of small, mid-size, and large construction firms

Click here to read about “How much is Mounjaro in Canada without insurance?” 

Future-Proofing Your Construction Company

With vacances construction 2025 around the corner, this is the best time to check your insurance policies. The construction projects are increasingly becoming bigger, more complicated, and riskier. Ensure that your insurance coverage increases according to your business.

Summit Cover will walk through each and every step of your construction company, making sure that there is no disturbing of the peace, there is no violation of the law, and there is no shortage of compensation.

Defend Your Construction Business with Summit Cover

What Are the 4 Types of Construction Insurance? - Construction insurance is not optional, whether your firm is a young startup or a well-seasoned company in the world of construction. Four main categories of insurance, including General Liability, Builder Risk, Workers' Compensation, and Commercial Auto, are the basis of the effective risk management strategy.

Let Summit Cover be your trusted insurance partner for all things construction. From business insurance advice to custom policy design, we’re here to support your growth today and in the future.

Visit SummitCover.ca or speak to a licensed advisor today and build your construction company on a foundation of security.