A lot of work aspects are involved in commercial construction. Delays and financial losses can happen if not managed well. Solving this problem are construction management companies.
Construction management companies help owners finish building projects efficiently. They see to it that general contractors hire the right people. Project managers also act as safety consultants ensuring workplace injuries don’t happen. They also monitor deadlines so that no out tries to delay their work intentionally.
Purchase insurance for your construction management company. You can use construction project management insurance if the real estate investor decides to sue for breach of contract. This can also sort things out if other employees get hurt due to the mistakes of the scaffolding contractors. Read this guide to know the inclusions, the cost of premiums, and the best companies to work with.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $500,000/$1,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $100,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | No |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Yes |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 | $0 |
Construction project management insurance must protect your company against liability costs. A general liability policy protects your business from third-party claims. This policy will protect you from claims like bodily injury, personal injury, and property damage.
You can further upgrade the general liability policy of your construction manager insurance package through these endorsements:
Additional insured–This can help add parties to your insurance policy that might not have been initially named
Hired and non-owned auto–Covers the cost of accidents caused by employee vehicles and hired/borrowed vehicles
The General liability policy for construction project management companies will typically have coverage limits of $1 million per occurrence and $2 million in aggregate.
Yes. You will want to protect your company from the risks of visitor injuries at a construction site you are responsible for. Also, many client contracts and commercial leases will require general liability insurance.
| CoverWallet | NEXT | Thimble (Best) | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Yes | No |
| License defense coverage included? | No | No | No | No | Can be included |
Construction management professional liability insurance policy offers protection for mistakes and errors that your business makes. Professional liability insurance for construction managers protects from negligence claims, failure to deliver services, and financial losses due to oversights in the business.
Extended reporting period–This add-on lets you get covered for incidents that may have occurred before your active policy started providing coverage
Excess liability–This lets you exceed your professional liability insurance coverage limits to cover more expenses
Your professional liability insurance can have coverage limits of $1 million or more for a typical policy.
Construction project management professional indemnity insurance is another name for professional liability insurance. Some insurers will use different names for this type of protection. For example, companies can call this type of coverage errors and omissions insurance. Also, professional liability insurance for the medical profession is typically called medical malpractice insurance.
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| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $25,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Contents coverage limit (minimum) | $50,000 | $25,000 | $25,000/$500,000 | $15,000 | $60,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Included | Excluded |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Included | Excluded |
| Money and securities | Excluded | $2,500 | $1,000 | Included | Excluded |
| Lock and keys | Excluded | $2,500 | Excluded | Included | Excluded |
| Business interruption floater | Excluded | Included | Included | Included | Excluded |
| Equipment breakdown floater | Excluded | Included | Excluded | Included | Excluded |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Commercial property insurance can be essential coverage for construction project management companies. It offers financial protection to your business premises and property if it gets damaged due to fire, theft, vandalism, lightning, and other covered perils.
Business interruption–Helps protect your construction project management company from lost income and operational costs in a covered peril results in the suspension of business operations
Outdoor property–This protects property that lies outside your business building. You can cover signs, fences, shrubs, and satellite dishes
Commercial property insurance typically has $60,000 in coverage. This limit can vary widely and is dependent on the value of the property you need insured.
Yes. Damage to your property can happen when you least expect it. These incidents are often unexpected and won’t wait for you to be ready for them. Commercial property insurance is a crucial insurance policy for starting a venture.
| CoverWallet | NEXT (Best) | Hiscox | Thimble | The Hartford | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $500,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $25,000 | $25,000 | $25,000/$500,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
A business owner’s policy covers your construction project management company with general liability and commercial property insurance. You can customize your business owner’s policy with other add-ons to get other necessary coverage.
Employment practices–An insurance add-on that covers incidents of employees accusing you of wrongful termination, discrimination, and other workplace incidents
Extra expense coverage–This add-on can help you pay extra expenses and costs you need to pay to get your business operating again after a damaging event
A typical BOP will cover $1 million or more in general liability claims and $50,000 or more in property damage.
No. The coverages in a business owner's policy will not be required by law. However, some clients you work with may require you to satisfy some insurance requirements.
| NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
Tools and equipment insurance protects any tools and equipment you use in your business from damage due to theft, fire, vandalism, and other covered perils. You can purchase this as an add-on to commercial property or general liability insurance.
Equipment breakdown–Helps you repair or replace equipment when internal causes of failure, like mechanical breakdowns, damage it
Business interruption–Covers lost income and related expenses when the damage or theft of a tool causes interruption to normal business operations
A typical coverage limit you can expect to find for tools and equipment insurance will range between $5,000 and $20,000.
Commercial auto insurance will protect your business vehicles from damage and liabilities from work-related activities. Commercial auto insurance has multiple types of coverage:
Collision–Helps supplement costs to repair a commercial vehicle when it gets into an accident
Comprehensive–A policy that covers other instances of vandalism, theft, and fire damage
Auto-liability–This policy helps protect your construction project management business from liabilities that result from commercial vehicle activities
Underinsured/uninsured motorist–This add-on can get you an additional payout when insurance policy of the driver at fault is inadequate for covering an incident or when he is uninsured
Gap coverage–Helps you compensate for the gap in coverage for a financed vehicle after an accident where you still owe more than its worth
Your commercial auto insurance policy will have a liability coverage limit between $100,000 and $1 million.
Yes. Commercial auto insurance will cover many different instances of work-related travel. It will also cover transporting clients and other miscellaneous business operations.
Workers' compensation insurance helps your employees when ill or injured. It provides benefit payouts to employees that cover things like lost income from disability and costs associated with medical care related to injury or sickness.
An employee must communicate with the claim handler with any necessary information to process claims as quickly as possible. The employee must also follow any treatment advice from the doctor and do their best to avoid causing further injuries.
No. Generally, workers' compensation benefits are not subject to taxation. This means your employees don’t have to worry about paying them back when tax season rolls around.
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $40 | $480 | $0-$500 |
| Professional liability insurance | $60 | $720 | $500-$1,000 |
| Commercial property insurance | $72 | $864 | $1,000-$2,000 |
| Business owner's policy | $103 | $1,236 | $1,500 |
| Tools and equipment insurance | $45 | $540 | $500-$1,000 |
| Commercial auto insurance | $54 | $648 | $500-$1,000 |
| Workers compensation insurance | $81 | $972 | $2,500-$5,000 |
The average construction project management insurance cost is $40 per month or $480 per year for a $1 million general liability policy. Factors that affect premiums are claims history, business history, policy limits, deductibles, number of employees, location, and annual revenues. Here’s a table showing the cost of a $1 million general liability insurance from the best companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $23 | $276 | Best overall; Fastest general liability insurance for construction project management companies |
| The Hartford | $26 | $312 | Workers compensation insurance for construction project management companies |
| CoverWallet | $29 | $348 | Comparing construction project management insurance quotes online |
| Tivly | $32 | $384 | Comparing construction management insurance quotes over the phone |
| Thimble | $35 | $420 | On-demand coverage for construction project managers |
| Hiscox | $38 | $456 | Worldwide coverage for construction project managers |
Get all the best quotes from leading providers in a click of a button!
Here are the best construction project management insurance companies. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability policy.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for construction project managers
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT offers policies you want for your business, like professional liability, general liability, and workers' compensation. The company was founded in 2016. NEXT has earned an A- rating from AM Best and a B+ from the Better Business Bureau despite not being in the insurance game for as long. With NEXT, you get a live certificate to produce instant proof of insurance.
Best for: Best overall; Fastest general liability insurance for construction project management companies
Average cost: $23 per month
Our rating: 10/10
Offers online insurance quotes
AARP members get extra benefits
Covers all construction projects from large to small
Lacks coverage in some areas
If you shop at The Hartford, you can expect excellent service. This company has a solid financial rating of A- from AM Best and serviced $11 billion in direct premiums in 2022. The Hartford boasts a 4.8 rating from their customer reviews and has been established as an insurer for over 200 years. You can get essential policies from The Hartford, like commercial auto, workers' compensation, and professional liability insurance.
Best for: Workers compensation insurance for construction project management companies
Average cost: $26 per month
Our rating: 10/10
Choose from 10+ insurance partners
Lots of policy options to choose from
Compare quotes online
Doesn’t offer coverage themselves
CoverWallet offers an easy way to buy insurance. This company offers an insurance platform that helps you quickly navigate the policies of multiple carriers. CoverWallet offers critical policies for your business, like business owner’s policy, general liability, commercial auto, and workers' compensation. You can shop from top names like Hiscox, Progressive, Travelers, and Chubb.
Best for: Comparing construction project management insurance quotes online
Average cost: $29 per month
Our rating: 10/10
Get quotes in minutes
Expert insurer matching process
Over 200 insurers to choose from
You need to call to get a quote
Tivly is an excellent digital insurance platform that offers a vast selection of insurers. The company helps you connect with top providers like The Hartford, Liberty Mutual, Progressive, and Gallagher. Tivly has an A rating from the Better Business Bureau that speaks to their ability to help customers successfully navigate policies from their 200 customers. Call now to compare quotes over the phone.
Best for: Comparing construction management insurance quotes over the phone
Average cost: $32 per month
Our rating: 10/10
Fast-growing small business insurer
Numerous add-ons to general liability insurance
Up to $500,000 commercial property coverage
Short-term policies available
You can’t reach customer service by calling
Thimble is another contender for your construction project management company. The company is an official partner of Angi, which connects customers with high-quality professionals through a membership service. Customer reviews compliment the company for the total control you get over canceling, scheduling, and purchasing policies. Thimble has an A+ rating from the Better Business Bureau. 75% of their customers are first-time buyers.
Best for: On-demand coverage for construction project managers
Average cost: $35 per month
Our rating: 10/10
Get refunds within 14 days of policy purchase
5% discounts for bundling multiple policies
Quick claim responsiveness
High customer survey ratings
Doesn’t grant coverage in Alaska
Hiscox has experienced insurance agents on standby to assist you with your insurance needs. The company works with you to create a wholly unique policy that includes things like a business owner’s policy, cyber insurance, and general liability insurance. The company has been underwriting insurance for over 100 years and operates in 14 countries to provide the best policy coverage.
Best for: Worldwide coverage for construction project managers
Average cost: $38 per month
Our rating: 10/10
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
It really can't get any better than this... wow
Not all those who wander are lost.
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