General
Contractors
Insurance
Coverage helps protect general contractors, projects, and crews from liability, auto, property, and worker injury exposures.
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Protecting Iowa's General Contractors, One Job at a Time
If you are carrying out, altering, or overseeing any type of construction work anywhere in Iowa whether it’s in Des Moines, Cedar Rapids, Davenport or Sioux City you will already be aware that managing a jobsite involves handling subcontractors, deadlines, budgets, and risk on a daily basis. Any incident such as a worker being injured, a mistake made by a subcontractor, damage to the client’s property, or a delay in the project can all put at risk the business you have worked so hard to establish. That’s why Iowa Contractors Insurance offers affordable and appropriately sized general contractors’ insurance in Iowa, so that you can concentrate on managing your projects rather than being concerned about what will happen if anything goes wrong.
For a free, no-obligation quote, please call 952-222-8073.
Why General Contractors in Iowa Need Specialized Coverage
Most general business insurance policies do not take into consideration the particular risks that general contractors have to deal with such as liability involving subcontractors, injuries on the jobsite, damage to property, delays in a project, and the need to coordinate various trades on one construction site. The construction sector in Iowa is still expanding in areas like the Des Moines–West Des Moines area, the Cedar Rapids/Iowa City area, and the Quad Cities, and there is consistent residential and commercial development taking place in Waterloo, Sioux City, and Council Bluffs. Nowadays, property owners, developers, and lenders are more and more requiring general contractors to have certain types of insurance coverage and to furnish certificates of insurance before any project can start. If the appropriate coverage is not available, just one event such as a jobsite injury, a mistake made by a subcontractor, or a lawsuit could place the entire business at risk.
Types of Insurance Every Iowa General Contractor Should Know About
General Liability Insurance
General liability is the basic component of a contractor’s insurance policy in Iowa. It provides coverage for third-party bodily injury and property damage such as when a client or visitor is injured on your job site or when your work accidentally causes damage to existing buildings or utilities. In Iowa, most property owners, developers, and municipalities require evidence that general liability coverage is active before a contract is signed or a building permit is issued.
Workers’ Compensation Insurance
Iowa law mandates that most businesses which have employees must have workers’ compensation insurance. Since construction job sites involve constant risk such as falls, injuries from equipment, repetitive strain, and other hazards workers’ compensation helps to pay for the medical bills and lost wages of employees who are injured on the job and also protects your business from legal actions resulting from workplace injuries.
Builder’s Risk Insurance
Builder’s risk insurance is required by many lenders and property owners before any construction or major remodeling work starts, and it covers the structure, materials, and equipment located on the site against fire, theft, vandalism and weather damage during the course of the project.
Commercial Auto Insurance
Should you or your crew be using trucks, vans, or trailers filled with tools and materials when travelling between job sites, your personal auto policy probably won’t provide coverage for accidents that occur as a result of business use. It is commercial auto insurance that covers your vehicles, your drivers, and any third parties who are involved in an accident.
Subcontractor and Contractual Liability Coverage
It is common for general contractors to be made responsible for the work of the subcontractors on a job, so it is essential to ensure that your policy covers liability in respect of subcontractors and to get your subcontractors to have their own coverage in order to protect your business from claims resulting from someone else’s mistake.
Tools and Equipment Coverage (Inland Marine)
Power tools, generators, and all other mobile equipment involve a large outlay of money and are therefore frequently stolen from job sites. As long as the tools and equipment are in a truck, in storage or on an active job site, they are covered by inland marine insurance.
Umbrella Insurance
An umbrella policy goes beyond the liability limits set out in your general liability and auto policies, giving you additional protection should a large claim or lawsuit arise – something that is especially useful for general contractors who are in charge of larger commercial or multi-unit residential projects.
How much does general contractors' insurance cost in Iowa?
The amount you pay will vary according to your payroll, your annual revenue, the number of years your business has been operating, your claims record, and the size and kind of projects you undertake. Contractors who are in charge of large commercial developments or multiple-trade residential projects generally have higher coverage limits than those who do smaller renovation jobs. The only way to find out your real cost is to obtain a custom quote taking into account your particular way of operating. When you bundle your policies which include general liability, workers’ comp, and commercial auto you usually end up saving money and find that renewing them is simpler.
Serving General Contractors Across Iowa
We provide assistance to general contractors, construction managers, and remodeling businesses all over Iowa, such as those in Des Moines, Cedar Rapids, Davenport, Sioux City, Iowa City, Waterloo, Council Bluffs, Ames, West Des Moines, and Dubuque, as well as to the smaller communities across the state. If you are a small residential remodeling company or a well-established commercial construction company which oversees numerous subcontractors and large-scale projects, we arrange coverage to suit your business rather than using a single, one-size-fits-all plan.
What's the advantage of using Iowa contractors' insurance?
- We have local expertise and a good understanding of the construction market, the permitting requirements, and the type of coverage that property owners and lenders usually require.
- Policies specific to contractors; coverage designed to address the actual risks that general contractors encounter every day, such as liability involving subcontractors and the coordination among multiple trades.
- We can provide insurance certificates quickly. If you need one in order to win a bid or begin work tomorrow, we act speedily.
- Competitive, bundled pricing. Combine general liability, workers’ comp, builder’s risk, and commercial auto for meaningful savings.
- Straightforward, honest advice. No jargon, no trying to sell you extra coverage you don’t need. Just clear answers to your questions.
Do not postpone taking out the coverage you need until you are halfway through the project; a single uninsured event such as a jobsite injury, a dispute with a subcontractor, or a lawsuit can result in losses that exceed the total of all the premiums paid over the years.
Call 952-222-8073 right now to have a free consultation and to obtain a quick, no-obligation quote that’s suitable for your general contracting business. This will ensure that you are properly insured so that you can continue to grow your business throughout Iowa with confidence.
Frequently Asked Questions
Yes. Generally speaking, Iowa law requires businesses that have employees such as construction crews to hold workers’ compensation insurance, even if the crews are small. There are, however, some exemptions for sole proprietors and certain family members, so it is advisable to check your particular situation with a qualified agent.
Generally speaking, general contractors can be made accountable for the work of a subcontractor, particularly when that subcontractor is uninsured or has insufficient insurance. It is essential to get proof of insurance from each subcontractor you employ and to make certain that your own general liability policy covers any risks arising from subcontractors.
Builder’s risk insurance is generally advised in the case of new construction and when carrying out major remodelling since it provides coverage for the building and the materials during the course of the work. Both lenders and property owners often require it prior to the start of construction. For smaller repair or maintenance jobs a separate builder’s risk policy is not usually necessary A licensed agent can assist you in working out what is required for each project.
Generally, once your policy is active, COIs can be issued on the same day or within one business day. Should you have an upcoming bid or a start date, please let us know immediately so that we can give priority to sending the COI to the property owner, the lender, or the general contractor.