The Kastendike Insurance Group continues to protect and advise general contractors and subcontractors throughout the Mid-Atlantic. Regardless of size, by focusing on comprehensive risk management solutions, and understanding each of our client partner’s unique needs, our contractors can focus on what they do best, while we can make sure they’re protected, allowing them to remain profitable.
We also understand that insurance is more than just placing you with a carrier. Your contracting business deserves responsive service and accuracy when it comes to certificate requests, audit compliance, client referrals, contract review, and claims management, among many other things, and we pride ourselves on our service.
Coverage specialties include:
Lawsuits that result from perceived negligence can get expensive. Regardless of whether your business is at fault, general liability coverage can help cover court fees, settlement costs, and attorney fees. Perhaps most importantly, these costs won’t cut into your business revenues.
If an employee needs medical care, bills can skyrocket quickly. For this reason, many states require some level of workers’ compensation insurance. This type of coverage not only protects your construction business from large legal settlements but also gives your employees proper financial benefits and medical care.
Commercial Auto Insurance
Vehicles driven for business purposes must have commercial auto insurance. If an accident happens, commercial vehicle insurance helps you get repairs and payment for medical care if an employee gets hurt while driving the company car.
Equipment loss can stop construction in its tracks. Unique risks can threaten contractors’ equipment, from theft, and transit, to accidents caused by less experienced machine operators. This coverage is vital for all contractors and can also covers tools and equipment purchased, rented, leased or borrowed, making sure your business can remain “on track”.
A commercial umbrella policy provides extended coverage to your general liability or commercial vehicle policy. Remember: those policies have coverage limits. If your construction business gets hit with a claim or lawsuit, legal fees, medical costs, and settlement fees might max out your policy. Commercial umbrella coverage can help make up the difference in costs so that you don’t have to come out of pocket and potentially jeopardize your business’s operations.
Contractor Controlled Insurance Program (CCIP)
A CCIP is an insurance program that protects the general contractor, its subcontractors and the project owner from third party general and workers’ compensation claims. KIG can help provide you with a program that will allow you to lower your insurance costs, and more importantly, improve site safety and subrogation.
Owner Controlled Insurance Program (OCIP)
An OCIP is a managed insurance program used for a single construction project or a series of construction projects. Rather than each contractor providing its own insurance and passing this cost to the owner through the construction contract, the owner of the project purchases certain lines of insurance to cover most of the contractors on a job site. KIG can utilize our experience and risk management capabilities to help implement this program.
In any industry, it’s good practice to expect the unexpected. However, the unexpected can get expensive in the construction industry, particularly when there’s property damage or the potential for injury involved. Construction business insurance coverage protects against these risks so that accidents and errors don’t jeopardize a business’ solvency.
Many construction businesses support large business or government entities. Having contract surety bonds in place helps your business gain credibility because these entities will see that you’re holding your business accountable to fulfill all deliverables. This credibility allows reputable construction businesses to win more contracts.