3 Tips on Insurance for Utah Framing Contractors

Insurance for Utah framing contractors is fast becoming a necessity. Business is booming in Utah. But this means even the slightest misstep by you could allow your competitors to take advantage. A 2018 report cited six Utah cities in the list of top cities to start a business in the United States. So how can you take advantage of such a robust market? Read on and we’ll take you through our 3 top tips on insurance for Utah Framing contractors.

Insurance For Utah Framing Contractors

An easy way to bolster your reputation and improve your profits is with a Builder’s Risk policy. A basic Builder’s Risk insurance policy will give you coverage for the building under construction.  Coverage will also protect your tools, equipment and materials. Without a Builder’s Risk policy, you could end up having to pay for damage or theft out your own pocket.

Construction Insurance Experts

At Builder’s Risk Insurance, we are construction insurance experts and one of the most trusted providers of insurance for Utah framing contractors. Our professional agents give you all the information you need so you can choose the policy you need. Here’s what you should keep in mind when buying  your Builder’s Risk policy.

Builder’s Risk Tips For Utah Framers

• Check what is covered and what’s not: A Builder’s Risk policy is a specialized type of insurance that protects the framing structure built as well as the equipment used to build it. Builder’s Risk insurance for Utah framing contractors can also give you coverage for profits, debris removal, contamination cleanup, loss of valuable documents such as blueprints.

Additionally, include delays or loss due to changes in building code in your coverage. However, it’s important to note, many insurers may only offer these as optional extras. Be very careful and check before signing the contract to avoid disputes later.

• Know what drives up the cost of your insurance: The cost of your project is the biggest factor behind your insurance cost. However, there are a few other factors to consider. Insurers usually charge between 1%-5% of the project layout, but the price can increase rapidly. The risk goes up the longer your project goes on. This means that your policy will be more expensive if the project is a long-term one.

Construction in areas that are prone to natural disasters also leads to high premiums. Insurance for Utah framing contractors is often pricey because frame structures are more susceptible to wind, fire, and earthquake damage.

• Be aware of the beginning and end of coverage:  Your insurance normally takes effect on the date when the signing of all contracts occurs. However, we at Builder’s Risk Insurance give you the option to alter terms to choose a particular start date. As far as the end of coverage is concerned, the policy will cease when the building is handed over to the other party or put to its intended use.

Get Your Builder’s Risk Today

Now that you know what to look for when buying insurance in Utah. And, you are ready to safeguard your business’s future with a robust policy. Don’t worry, the experienced agents at Builder’s Risk Insurance are here to help you through the entire process. We are the go-to providers of insurance for Utah framing contractors. So, call us now at (877) 960-0221 to get started.