Steel erection contractors are essential to the construction industry. They erect structural steel for buildings, bridges, and other infrastructure projects. However, their work is also one of the most dangerous in the construction industry.
Steel erection contractors face risks of falls, falling objects, electrocution, and many other hazards. That’s why it’s essential to have steel erection contractors insurance that can protect them and their businesses.
Who Needs Steel Erection Contractors Insurance
Steel erection contractors insurance is essential for any business that is involved in the erection of structural steel. Whether you are a small business or a large corporation, you need to have insurance coverage that will protect you from potential risks.
Construction companies that employ steel erection contractors should also have a policy in place to protect themselves from liability. Any business that works with steel erection contractors should require proof of insurance before beginning work.
Types of Steel Erection Contractors Insurance
There are several types of steel erection contractors insurance policies available. The most common types include:
- General Liability Insurance: This policy provides coverage for bodily injury, property damage, and personal injury that may result from your work. General liability insurance is typically required by law and is essential for any business that operates in the construction industry.
- Workers’ Compensation Insurance: This policy provides coverage for medical expenses, lost wages, and other expenses that may arise if an employee is injured on the job. Workers’ compensation insurance is required by law in most states and is essential for any business that employs workers.
- Equipment Insurance: This policy provides coverage for damage or loss of equipment used in your business. This type of insurance is essential for any business that relies on expensive equipment to complete its work.
How Much Does Steel Erection Contractors Insurance Cost?
The cost of steel erection contractors insurance will vary depending on the size of your business, the type of coverage you need, and the level of risk involved in your work. Generally, the cost of insurance for steel erection contractors is higher than for other types of construction businesses due to the high-risk nature of their work.
Steel Erection Contractors Insurance Requirements
Steel erection contractors are required by law to carry general liability insurance and workers’ compensation insurance in most states. The specific requirements will vary depending on where you are located, so it’s essential to check with your local government or state agency to ensure that you are meeting all of the requirements.
In addition to legal requirements, many clients and contractors will require proof of insurance before they will work with you. Having insurance in place can help you secure more contracts and build a reputation as a trustworthy and reliable contractor.
Commercial Insurance And Business Industry Classification
- SIC CODE: 1791 Structural Steel Erection
- NAICS CODE: 238120 Structural Steel and Precast Concrete Contractors, 238130 Framing Contractors
- Suggested Workers Compensation Code(s): 5057 Iron or Steel – Erection – NOC, 5069 Military Reservation – Construction – Iron or Steel Erection – Not Over Two Stories in Height, 5059 Military Reservation – Construction – Iron or Steel Erection – Not Over Two Stories in Height, 5040 Iron or Steel – Erection – Iron – Exterior
Steel Erection Contractors Insurance – The Botton Line
Steel erection contractors face many risks during the course of their work. Having steel erection contractors insurance is essential to protect your business and your employees from potential dangers. By having insurance in place, you can protect your business and build a reputation as a reliable and trustworthy steel erection contractor.