What is construction insurance?

Builder’s Risk coverage is a type of property insurance specifically designed to cover property during the course of construction, including renovation and repair.

Why do you need it? There are additional risks and responsibilities inherent in this type of work that a typical property policy is not designed to cover.

Industry experts

Our construction team at UNICO understands the complex insurance needs that construction firms face. Our team is equipped with experienced specialists who have an in-depth understanding of all matters related to your business.

UNICO has built strong relationships with our insurance companies and they value the unique background and service that we offer to your company to help you improve your insurance program and increase your profitability. We are considered one of the leading workers’ compensation brokers in the country and we have proven outcomes that have helped our clients lower claims and lower their experience modification factors.

Specialized programs

We are dedicated to helping you navigate through the challenges you face by implementing a specific insurance program that provides you with the solutions you need within the construction industry.

Specialized programs are available for:

  • Heavy equipment contractors
  • Street and road contractors
  • Utility contractors
  • Commercial building contractors
  • Residential building contractors
  • Specialty trade contractors
  • Various other contractor-related operations
Mobile Crane on a road and tower crane in construction site

Construction specific services

Contract bonds

Contract bonds are required when an individual or company has a contractual obligation to perform work or provide services to another entity. The bond guarantees that the individual or company will fulfill the terms of the contract. By law, federal, state, and local governments are obligated to require bonds from the contractors that perform work for them. These types of bonds include performance and payment bonds.

Commercial bonds

Surety bonds generally include bonds needed in conjunction with service contracts such as transportation companies, janitorial companies, garbage collection companies, “non-sticks and bricks” construction contracts, as well as manufacturing and supply contracts.

Supply and installation bonds

Supply and Installation Bonds ensure that materials will be delivered and installed as set forth in the contract terms.

License and permit bonds

License and permit bonds include a wide variety of bonds required by various government agencies throughout the country in connection with regulated professions. These bonds provide indemnification for loss or damage resulting from a license or permit holder’s compliance with a law, ordinance, or regulations.

Contract review

Contract language can be complicated and pose risk factors for a business. There can be professional exposures hidden within contract clauses. Our team can review contracts and evaluate if there are any potential problems. Then, we can then assist in helping solve the issues and proceed to make sure your risk management program is solid. We want to make sure we protect your interests while making sure your clients’ needs are met as well.

We also can help you with your risk transfer mechanisms to help ensure you are properly protected when dealing with subcontractors.

We are not attorneys. It is not our intent to provide legal advice, but to provide you with resources to make the right decisions about accepting risk in your contracts, transactions, and operations, and to understand which risks can be insured and which cannot.

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