Finding the right insurance for your steel erection business is an important step in protecting and growing your business.

As a steel erection contractor, you’re skilled in creating the very frame of high-rise buildings, bridges, and other structures that support our modern society. You employ ironworkers to assemble structures piece by piece.

Safety is foremost, as you know that steel erection can be a hazardous undertaking. Having the right business insurance is critical to ensure that you and your employees are protected in the event of an accident.

What insurance coverage do I need as a steel erection contractor?

Some of the most common coverages for steel erection contractors are listed below, along with relevant examples of incidents that would trigger these coverages.

• Commercial General Liability Insurance protects your business if you physically injure another person or cause damage to someone else’s property. Most general contractors will require steel erection contractors to carry commercial general liability insurance in order to be hired as a subcontractor.
  • Property Damage: An unsecured piece of decking is blown off a construction site and hits a nearby vehicle, damaging it.
  • Bodily Injury: A bolt is dropped from a construction site and hits a bystander, injuring them. They sue your business for medical expenses and lost wages from being unable to work.
  • Products & Completed Operations: A building you work on partially collapses, and an occupant is injured. Although the cause is unclear, your company is sued because you worked on the building.
• Workers’ Compensation Insurance provides funds for medical expenses and lost wages if one of your employees is injured or killed while on the job. Because steel erection is one of the top 10 most hazardous occupations according to the Bureau of Labor Statistics¹, it is critical for steel erection contractors to have workers’ compensation coverage. In almost all states, workers’ compensation insurance is required for companies that have employees.
  • One of your employees hurts their back while lifting a steel beam, leaving him unable to work. Workers’ compensation insurance would provide coverage for the employee’s medical bills, rehabilitation expenses, and a portion of his lost income while he is unable to work.
• Commercial Property Insurance provides protection for property that your business owns or is responsible for.
  • Mobile Equipment Insurance provides protection for mobile equipment that is commonly stored on client sites or outside of your business premises. This insurance protects your steel erection equipment, such as forklifts, cranes, saws, and ladders, from theft and accidental damage from perils like fire, windstorm, and vehicle crashes.
    • A forklift on a construction site is damaged by a severe windstorm.
  • Installation Floater Insurance protects property before or during installation. For contractors, this could cover construction materials or fixtures you are transporting or installing for clients.
    • Your metal decking is transported to a worksite. While awaiting installation, there is a fire, damaging the decking.
• Commercial Auto Insurance protects your business if you or one of your employees causes injury or damage to someone else while driving a business vehicle or while driving for business purposes. It also protects vehicles owned by your business from damage or theft.
  • Your steel hauling truck crashes into another vehicle on the way to a construction job. The other driver is injured and sues your business.

1. United States Department of Labor, Occupational Safety and Health Administration

How do I get steel erection contractor insurance?

There are many factors to consider when purchasing insurance for your steel erection business—from the financial strength of an insurer to the pricing that you’re offered. A solid insurance package for your steel erection business will be fairly customized, as no two businesses are the same, so it is particularly important to select an insurance provider that can build custom coverage to fit your specific needs.

When selecting an insurance company, there are three main factors you should look at:

• The financial strength of the insurer
• Pricing
• Reputation for customer service

» Learn more about how to get steel erection contractor insurance

Steel Erection Industry Statistics

Employers of Structural Iron and Steel Workers

Foundation, structure, and building exterior contractors	49%
Nonresidential building construction	20%
Heavy and civil engineering construction	7%
Manufacturing	6%
Building equipment contractors	5%

Source data: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Ironworkers (2016)

Median Pay for Structural Iron and Steel Workers

Building equipment contractors	$55,490
Heavy and civil engineering construction	$54,600
Foundation, structure, and building exterior contractors	$53,850
Nonresidential building construction	$51,200
Manufacturing	$47,150
Overall	$52,610

Source data: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Ironworkers (2017)

Job Growth for Ironworkers

Number of Jobs, 2016	90,300
Employment Change, 2016-26	11,400
Job Outlook, 2016-26	13%
Total Job Outlook, 2016-26	7%

Source data: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Ironworkers (2016)

Non-fatal Occupational Injuries for Structural Steel and Precast Concrete Contractors

Incidence rate	6.2%
Number of cases (thousands)	4.8

Source data: Bureau of Labor Statistics, U.S. Department of Labor, Industry Injury and Illness Data, Structural steel and precast concrete contractors (2016)