Highway, Street, & Bridge Construction Insurance

Contractors responsible for the construction of highways, streets, and bridges are exposed to a great level of risk all the time. From slips and falls that can lead to bodily injuries to property damage or unsatisfactory work due to negligence - those are all valid reasons that can land construction contractors in hot waters and cost them dearly.

Having highway, street, and bridge construction insurance will financially cover your business in case there is a claim or lawsuit against your firm.

By nature, construction workers face a great level of risk and are prone to accidents at all times. If you’re a construction contractor with employees under your payroll who work on highways, streets, and bridges – or if you own a business that deals with the same kind of projects, you need insurance to keep your business safe from lawsuits and claims that can result from accidents.

For example, if an electrician who was hired to put up lights on a bridge fell from the structure and broke his leg - he would want compensation for medical bills and lost wages because of his injury. And, if your business is insured – that claim will be covered by your insurance policy.

In other cases, you could be sued if your employees have not completed the work on time or have been negligent and haven’t followed instructions properly. This is when having insurance will safeguard your business's financial standing.

In other cases, construction contractors are simply required to have a level of cover before they can obtain their license and legally operate.

The types of insurance construction contractors opt-in for will depend on the size of the business, the clients that you work with, the number of company cars and employees your business has, the state you operate out of, and more.

For a more detailed breakdown of the recommended insurance policies for highway, street, and bridge construction contractors, please take a look below.

No two construction contractors pay the same premiums for their insurance policies. However, on average, you can expect to pay:

• $70 per month or $840 per year on general liability insurance
• $275 per month or $3,300 per year on worker's compensation insurance
• $150 per month or $1,800 per year on commercial auto insurance
• $15 per month or $180 per year on contractor’s tools and equipment insurance
• $85 per month or $1,020 per year for errors and commissions insurance
• Between 1% to 5% of the total budget for the construction for builder's risk insurance

Highway, street, and bridge contractors often face various levels of risk on a daily basis. As a result, the insurance claims can differ greatly depending on the type and size of the project.

However, in most cases, construction contractors make insurance claims for:

• Accidents that result in bodily injuries
• Road accidents involving staff and company cars
• Claims for incomplete work or work that is unsatisfactory due to negligence
• Lost, stolen, and damaged tools and equipment
• Property damage