Builder’s Risk Insurance is specifically designed to protect the buildings and structures that you are building, renovating or remodeling. The equipment, tools and building materials used during the project that is covered by the policy. Your Builder’s Risk policy is a short term policy designed for project protection.
Not only does it cover the costs of construction it also covers the equipment being used in the construction project. The kind of materials and equipment covered by Builder’s Risk Insurance can include elevators and HVAC systems, as well as temporary structures such as scaffolding.
Let’s take a look at some of the top reasons to insist on Builder’s Risk Insurance.
You may store your tools on the job site. You may prefer to store them at another location, and transport them to the construction site when you need them. Both of these storage solutions are vulnerable to the same threat: theft. How do you get a project completed if you cannot afford to replace your tools and equipment.
Where do you keep the blueprints and schematics for the construction project? Both paper and electronic documents can be damaged, lost or destroyed. How will you restore them without incurring costs?
Here’s a scenario: something goes wrong and building materials are strewn across the site. Who will cover the expense of removing the debris? Or say pollutants are discharges into the land or water during the course of your work. The expense of extracting the pollutants can threaten your business’ financial position.
Delays that come with replacing or re-erecting scaffolding that has been damaged can cause project delays and subsequent fines. Can you afford to get your scaffolding and construction forms repaired or replaced before it becomes a problem?
Builder’s Risk provides protection where your General Liability Insurance does not. Contractors General Liability insurance protects your contractor business from third party claims.
For instance, you may be liable to pay the medical costs of a visitor who was hurt on your job site. Apart from bodily injury claims, you could be found liable for property damage. An example of this is if one of your hammers falls and damages a third party’s vehicle.
You could also find yourself facing claims for advertising mistakes. If you don’t get written permission to use your client’s logo on your social media or in a printed brochure, then you could be in breach of copyright laws.
So, what coverage can you get with building insurance like Builder’s Risk over and above labor, materials and equipment? Here are the 2 of the top benefits:
To find out how to get this coverage for your contractor business, call our agents today. Builder’s Risk.net is here to help. Call 877 960 0221.