Insurance for Construction Contractors
The Law…”a licensed contractor must maintain insurance that provides coverage for public liability, personal injury, property damage, and liability for product and completed operations.”
3SC Company has a Licensed Insurance Agent on staff. John Marshall is a licensed insurance agent through Valley Insurance Assoc. Inc. John has been an agent specializing in Oregon Construction Contractor Insurance and Bonding since 1992.
The type of work you actually do on the job site is what your insurance rate is based on (roofing, framing, plumbing…). If you do more than one trade, your insurance rate will be based on the trade with the most exposure (the most expensive one). 3SC can help you determine your insurance requirements.
How much construction contractor insurance coverage do you need?
There are many factors that determine your insurance rate.
- Are you doing Commercial construction or Residential construction (or both)?
- Are you a General, Speciality or Limited Contractor? The chart on the License
- Endorsement page can help you decide or call John at 3SC Company for help.
The type of endorsement you decided upon helps you choose the correct coverage from the list below:
- Commercial General Contractor Level 1 $2,000,000
- Commercial General Contractor Level 2 $1,000,000 aggregate
- Commercial Specialty Contractor Level 1 $1,000,000 aggregate
- Commercial Specialty Contractor Level 2 $500,000 per occurrence
- Commercial Developer $500,000 per occurrence
- Residential General Contractor $500,000 per occurrence
- Residential Specialty Contractor $300,000 per occurrence
- Residential Limited Contractor $100,000 per occurrence
- Residential Developer $500,000 per occurrence
What do you do if you are a Residential and Commercial Contractor?
You are required to carry the insurance with the most coverage.
The type of work you actually do on the work site is what your insurance rate is based on (roofing, framing, plumbing ).
What effects the cost of your Insurance?
1. The Type of work you do.
2. The number of active owners.
3. Employee payroll.
4. Sub-Contractor costs.