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Maryland Contractors’ Insurance

Obtaining the correct insurance for your construction company can be a complicated - and often confusing - process.  What coverages do state laws require?  What coverages (and limits) are you obligated to carry to comply with that contract you just signed with the GC?  McFarlin Insurance Agency has been writing insurance for contractors since the doors were opened back in 1939.  While the insurance products and exposures to loss continue to evolve, our commitment to our clients and their needs has not.   

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Let’s take a look at some of the “basic” coverages every contractor should carry:

Workers Compensation

If you have employees in the state of Maryland (and most states, for that matter), you are required to carry workers compensation insurance.  This coverage pays for the medical care and physical rehabilitation of injured workers and helps to replace lost wages while they are unable to work.  Part B of a workers comp policy, Employers Liability,  protects the employer from employment-related claims not covered by workers compensation law.

General Liability Insurance

One of the more complex coverages, this is a typical requirement for most construction agreements and provides coverage for bodily injury or property damage to a third party.  A typical construction contract will call for limits of $1,000,000 per occurrence/ $2,000,000 aggregate.

Business Automobile Insurance

If you or your employees are operating an auto owned by the business, you’ll be required to carry a Business Auto policy.  While coverage limits vary, we recommend  $1,000,000 CSL (combined single limit) to all of our clients, plus an Umbrella policy.  (See below.)

Inland Marine Insurance

This is a “Marine” coverage designed to cover property that moves from place to place, such as tools, equipment, and uninstalled materials.

Professional Liability Insurance

Professional liability, often referred to as Errors & Omissions liability insurance, provides coverage for damages arising from design and consulting work that a general liability policy will not cover.  Historically in the construction industry, this coverage was carried exclusively by architects and engineers.  Now, however, contracts often require this coverage of both general and trade contractors.

Umbrella Liability

Provides “excess” limits of coverage above those provided by “underlying” General Liability,  Business Auto, and Employers Liability coverage.  Written in increments of $1,000,000 limits, construction contracts can call for  umbrella limits of  $5,000,000 or more.

We realize every client has different needs and different exposures to loss. That’s why the staff at McFarlin Insurance takes the time to discuss, review, and make sure you understand what options are available for your business. Whether you’re a small trade contractor just getting started, or a large general contractor in need of a thorough review – contact McFarlin Insurance today so we can ensure you’re making the best decisions to protect your business. Call us today at (410) 312-7800 for a Maryland Contractors Insurance quote.

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McFarlin Insurance Agency, LLP
8325 Guilford Rd, Suite A
Columbia, MD 21046

Phone: (410) 312-7800
Fax: (410) 312-7808

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