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Steel Erection Contractors Insurance

Business Insurance for Steel Erection Contractors

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As a steel erection contractor, you’re involved in potentially hazardous work. Whether it’s accidents, mishaps, or unpredictable disasters, your business could be hit with an unexpected financial burden and serious liability. Having the right business insurance coverage in place 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?

There are many types of insurance coverage to consider, but these policies are particularly relevant to steel erection contractors:

General Liability Insurance

General liability insurance protects your business if you physically injure another person or cause damage to someone else’s property. Steel erection contractors almost always are involved in working from heights, which presents the potential for accidents caused by falling objects. There’s also risk from work involving welding, cutting, and riveting, which may lead to unintentional fires or serious injuries. General liability insurance can provide coverage from third-party lawsuits due to injury or property damage, paying for legal fees, settlements, judgements, and even medical payments.

An important part of general liability insurance is coverage for completed operations. Steel erection contractors play a critical part in the structural integrity of buildings, and if a structure were to collapse at some later point after work had been completed, your business could be held liable for injuries or property damage. General liability insurance can step in and provide coverage for your company’s completed operations.


Workers’ Compensation Insurance

Workers’ compensation insurance is a critical coverage for steel erection contractors, as this type of insurance provides financial and medical benefits for employees who are injured or fall ill on the job. Workers’ comp also provides benefits to an employee’s dependents in the case of a work-related death.

Steel erection can be a hazardous line of work, and employee injuries are common. There are many risks for your employees, including falling objects, falling from heights, lifting and back injuries, and collapsing structures. Having workers’ compensation insurance in place can give your employees the protection they deserve. Moreover, in almost every state, this type of coverage is required by law. Failing to provide coverage can result in hefty fines and civil and criminal charges.


Inland Marine Insurance

Inland marine insurance is a broad category of insurance covering movable property not typically included in commercial property coverage. For steel erection contractors, this coverage can provide protection for tools, equipment, and machinery that you may be transporting and storing at various job sites. If your property is damaged by a covered peril while in transit or at a job site, inland marine insurance can pay for repairs or replacement.

An installation floater, a type of inland marine insurance that covers property while it is being installed, can be particularly helpful for steel erection contractors. Installation floaters can provide coverage for your supplies, materials, and equipment while they are being transported to a job site, while in the process of being installed, and while the installation is complete but has yet to be accepted by the client.


Commercial Auto Insurance

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.

Steel erection contractors may face higher auto risk due to the transport of heavy-duty equipment and materials, including steel beams, girders, and machinery. Employees must be well-trained in transporting these items, as well as in the process of loading and unloading materials. Any accidents may create greater damage or injury due to the nature of the equipment and supplies. Transport of oversized equipment may also pose greater risks.


Commercial Umbrella Insurance

Commercial umbrella insurance helps to protect your business from the financial risk of large lawsuits against your company. Umbrella insurance covers your business when your general liability, auto liability, or other coverages are not sufficient to pay for damages. 

In the construction industry, you may face a greater risk of large lawsuits or multiple claims in a given year. Steel erection is one of the most hazardous occupations according to the U.S. Bureau of Labor Statistics, meaning a higher likelihood of injury and property damage. Commercial umbrella insurance can be a cost-effective way to supplement your primary insurance coverage, as premiums on umbrella insurance are usually lower per additional dollar of coverage than the premiums on your primary policies.


Additional Coverage

Pricing and Quotes

Pricing for business insurance will vary based on the type of insurance coverage and the risk profile of your business. Insurers consider factors such as:

Businesses with higher risks will have higher premiums than those deemed lower risk. For example, a steel erection business with a history of frequent claims will face higher premiums. Premiums also rise as you increase the limits of insurance. Different insurance companies have different models for rating risks, so it is worth comparing pricing across different insurers.

In order to get an accurate estimate on pricing, it’s best to get a quote from a reputable insurance company. Below we’ve highlighted a few of our trusted partners who offer coverage for steel erection contractors:

ProviderGeneral LiabilityProfessional LiabilityBusiness Owner's Policy

Final Word

Steel erection can be an extremely hazardous occupation, with high risk of injury and property damage. While workers in this industry face increased risk exposures, as a business owner, you may face lawsuits and claims from clients, partners, and other third parties. It’s important to make sure your business is covered with a broad range of insurance. From risk of employee injury to damage from natural disasters, the right coverage can protect you, your business, and your employees if the unexpected should occur.

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