Protect Your Steel Erection Business with Comprehensive Insurance Coverage
As a steel erection company, your business faces numerous risks and liabilities on the job site. From falls and injuries to property damage, lawsuits, and more, operating without proper insurance coverage leaves you vulnerable. That’s why partnering with an insurance agency that understands the unique risks of steel erectors is critical.
At The Allen Thomas Group, we offer customized business insurance solutions made specifically for steel erection contractors. With decades of experience serving this industry, we provide the coverage you need to protect your business and your bottom line.
Let’s explore the types of steel erector insurance, why coverage is vital, and how to choose the right policies for your company.
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Critical Coverages and More Understanding About Insurance For Steel Erectors
Steel erection involves dangerous work at great heights. Some of the risks faced on the job include:
- Falls from elevated platforms, beams, and partially assembled structures. Falls are the leading cause of workplace deaths in this industry.
- Struck by or caught between heavy materials and equipment. Steel beams can weigh thousands of pounds.
- Electrocution from overhead power lines or portable generators and tools.
- Loads shifting or collapsing during hoisting and rigging.
- Fires caused by cutting torches and welding equipment.
- Weather-related incidents like high winds disrupt unfinished structures.
- Injuries from using hand and power tools to bolt, weld, and cut steel pieces.
When accidents happen, injuries and costs can be severe. And liability doesn’t end with worker injuries.
Your business faces significant third-party risks too:
- Property damage to structures, materials, and equipment.
- Injuries to third parties like site visitors.
- Damage to surrounding businesses or vehicles from falling objects.
- Project delays from accidents disrupting the schedule.
Without comprehensive insurance policies, these claims and damages come straight out of your pocket. The right coverage protects your company and gives you peace of mind.
Specialized policies are necessary to protect steel erection contractors fully. Here are some of the essential coverage options:
Workers Compensation Insurance
Workers’ compensation insurance is mandatory for businesses in most states. It covers medical expenses, lost wages, rehabilitation, and other costs if an employee suffers an illness or injury that is work-related.
For the dangerous work of steel erection, injuries are common. Having this coverage in place protects your employees and your business from expensive claims.
General Liability Insurance
General liability insurance (GL) covers third-party bodily injury and property damage claims. For steel erectors, common risks include:
– Injury claims from subcontractors, site visitors, or nearby property owners.
– Damage to vehicles, equipment, or buildings from falling debris.
– Damage to client property while working on their site.
– Injury or damage claims stemming from completed projects.
GL protects your business when customers, clients, or the public are negatively impacted by your steel erection work.
Builder’s Risk Insurance
Builder’s risk (or course of construction) insurance provides coverage for materials, equipment, and the structural project itself during construction. It protects against property damage from events like:
– Fire, lightning, wind, hail, vandalism
– Collapse or water damage
– Theft of materials and equipment
For large steel erection projects, this coverage is often required by the general contractor or project owner. It protects your work and that of other subcontractors until the building is finished.
Professional Liability Insurance
Also called errors and omissions (E&O) insurance, professional liability insurance protects against costs associated with claims of negligence or failure to perform your professional duties.
In steel erection, this could include claims of:
– Incorrect installation leading to failures or collapse.
– Failure to follow plans, codes, or specifications.
– Delay damages from missed deadlines.
Carrying appropriate limits ensures your business can cover financial judgments related to your services. This coverage is an important protection for any contractor providing skilled services.
Commercial Auto Insurance
Don’t overlook commercial auto insurance. You need coverage for non-owned, hired, and company vehicles used to transport crews, deliver materials, and move equipment between jobs.
At minimum, carry these standard coverages:
– Liability – Bodily injury, also known as personal injury and property damage to others when your drivers cause an accident.
– Collision – Damage to your vehicles from accidents, rollovers, etc.
– Comprehensive – Theft, vandalism, flooding, and other non-collision damage.
Make sure to understand any restrictions on non-owned or hired auto use. You want your crews fully covered on the road.
Inland Marine Insurance
Inland marine insurance protects mobile equipment that travels from site to site. Important coverages include:
– Contractors equipment for loss, theft, and damage to machinery.
– Rigging and crane equipment for moving steel components.
– Builder’s tools for hand and power tools.
– Scaffolding, ladders, platforms and staging.
This coverage can be added to your general liability policy as an endorsement. Be sure to insure all the key equipment your crews rely on.
Commercial Umbrella Liability
A commercial umbrella policy provides additional liability limits above your primary insurance. It adds an extra layer of protection for high claims or lawsuits.
Umbrellas are inexpensive relative to the additional coverage they provide. For as little as a few hundred dollars more per year, you can add millions in extra coverage. This gives peace of mind that all your liability risks are sufficiently covered.
The Allen Thomas Group offers an insurance program designed exclusively for steel erector contractors, featuring broad protection for common exposures in metal building construction.
Our Comprehensive Coverage Options Include:
- General Liability: We provide coverage for bodily injury and property damage claims that may arise from steel erection activities. Limits are available up to $1 million per occurrence and $2 million aggregate. After those amounts, given the value and scope of the project, commercial umbrella insurance is a great excess option.
- Completed Operations: This protects you against claims after projects are completed for property damage or bodily injury occurring during the policy period. Coverage remains in effect for 10 years after completion.
- Medical Payments: Coverage for medical expenses incurred by others as a result of an accident on the insured job site or premises.
- Broad Definition of Insured: Includes the named insured, partners, executive officers, directors, stockholders, and employees. You can also amplify this coverage option with additional D&O coverage.
- Blanket Contractual Liability: Covers oral and written contracts or agreements relating to your business.
- Per Project Aggregate: Applies the policy aggregate separately for each job site or project location.
- Damage to Premises Rented to You: Up to $300,000 for damage to premises rented by the insured.
- Products and Completed Operations Aggregate: Separate aggregate applying to completed operations claims, preventing reduction of the general aggregate by these claims.
Protect Your Specific Steel Erection Operations:
Whether working as a general contractor, prime contractor, or subcontractor, we cover key services steel erectors perform:
- Structural Steel Erection: Frames, columns, beams, girders, trusses
- Metal Stairs, Fire Escapes, Ornamental Railings
- Pre-Engineered Buildings, Rigid Frame Structures
- Light Gauge Framing, Stud Walls, Floor and Roof Decking
- Infrastructure Projects: Bridges, Tunnels, Subways, Dams
- Tilt-Up, Tilt-Slab, Pre-Cast Concrete Erection
- Steel Tanks, Silos, Chimneys, Smokestacks
- Curtain Walls, Building Facades, Skylights
- Catwalks, Mezzanines, Platforms, Canopies
We also provide coverage for common fabricator exposures like welding, cutting, bending, machining, and finishing of steel products.
Give our team a call at (440) 826-3676 to build a custom plan for your needs.
Choosing the Right Steel Erectors Insurance Agency
Not all insurance agencies understand the unique risks and needs of steel erection contractors. When choosing where to place your insurance, look for these key traits:
Specialized Industry Experience
Choose an agency with extensive experience working with steel erection companies. They will understand the coverage options and limits needed to properly insure your operations. Their experience translates into tailored recommendations and insurance plans for your business.
Multiple Carrier Options
A broad portfolio of insurance carriers allows an agency to shop multiple options to find you the right fit. Matching your business to the best carrier is key – different providers have appetite for different types of risks. An agency that only works with 1 or 2 carriers may not be able to provide the best solution.
Risk Management Services
The right agency goes beyond simply selling a policy. At The Allen Thomas Group, we offer value-added risk management advice to help improve safety and prevent claims. This includes services like:
- Maintaining documented safety procedures
- Holding quarterly safety meetings with managers and crews
- Ensuring appropriate use of personal protective equipment
- Monitoring activities closely and correcting unsafe practices
- Providing safety training for all new employees
Use these services to your advantage to strengthen your risk profile.
You want an agency that sees you as more than just a customer. They should take the time to understand every aspect of your business and goals.
And they should be readily available whenever you have questions or need to report a claim. An impersonal or unreliable agency does you little good. You can speak to people on our team when you need someone, including getting a new certificate of insurance fast!
Getting The Right Insurance For Your Steel Erection Business
We know how frustrating and complex the process of finding the right coverage and getting a COI can be and how it slows down your ability to care for your customers.
Let us help fix it for you in 3 easy steps.
Tell us about your specific needs and we will find the right policy for you.
Review the results of our search.
We will walk you through your new policy step by step.
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Questions to Keep in Mind Before Selecting Commercial Insurance For Your Steel Contracting Business
Steel erectors should carry both general liability and workers’ compensation coverage. General liability protects against third-party bodily injury and property damage claims while workers’ compensation covers job site injuries to employees. Umbrella liability provides additional protection above the primary policy limits.
Builder’s risk insurance protects the structural steel project during construction. It covers materials and equipment for damage from theft, fire, storm damage, vandalism and more. This coverage is often required by the general contractor overseeing the project.
Partnering with risk management services helps identify hazards and improve safety programs. Following OSHA regulations, using fall protection, conducting safety training, and implementing procedures like pre-lift plans and equipment inspections also help reduce risks.
Yes, inland marine insurance should be carried to cover equipment like cranes, rigging, scaffolds, platforms, job site tools and more. Protect these mobile assets from damage or theft as they move between job sites.
Work with a specialist insurance agent from The Allen Thomas Group to conduct an exposure analysis of your operations. This will determine the appropriate policy types and liability limits to carry. Buying adequate limits ensures you are covered for the level of risk faced. Umbrella policies also provide cost-effective additional capacity above your primary limits.
- New York
- North Carolina
- South Carolina
Partner with a Trusted Steel Erector Insurance Specialist
At The Allen Thomas Group, steel erection insurance is one of our core focuses.
For over 20 years, we’ve provided specialized coverage and risk solutions for erecting contractors across the United States and have built relationships with insurance companies that offer custom types of coverage for steel erector contractors. Our team lives and breathes this industry and understands the unique challenges you face.
We represent a carefully selected portfolio of top insurance carriers to ensure we can match your business with the right policy and provider. Our broad access gives you options, while our experience helps target the best fit.
And we go beyond simply selling insurance. Our in-house safety and risk specialists help strengthen your operations by identifying hazards, providing training, and recommending proven safety protocols. We review contracts, job sites, and operations to advise on best practices that support your growth and success.
Most importantly, we aim to provide unmatched personal service. We are here year-round to provide updated insurance quotes for new bids won, examine contracts, issue certificates of insurance, and guide you through the claims process. Our commitment to relationship building ensures we truly become an extension of your team.
Trust The Allen Thomas Group to provide the insurance coverage, risk solutions, and responsive service needed to protect your steel erection business. Reach out today to learn more and receive a free quote. We look forward to building a partnership as your insurance resource for years to come.