Assess Your General Contractor Insurance During Coronavirus

As people around the world look for novel ways to pass the time in lockdown, why don’t you take this opportunity to assess your General Contractor Insurance? In uncertain times such as these, the certainty of insurance can provide peace of mind. Experts recommend that policies such as life insurance and vehicle insurance be reassessed annually, but what about your General Contractor Insurance?

Contractors usually plan for contingencies before beginning work on a specific project. While some risks may differ from project to project, there are a few mitigating measures that you can take in advance. They will help you assess the key threats to your construction work and address them before they cause losses.

The knowledgeable professionals at Builder’s Risk are here to help you assess your General Contractor Insurance even while working from home. Making use of the abundant time now available due to Coronavirus has many advantages for your business.

3 Important Questions You Must Ask 

• Is your insurance program still up-to-date?

When you assess your general contractor insurance, ensure that you have protection from all incidents that could damage your business’s financial health. While most contractors are alert about Workers’ Compensation Liability and Commercial General Liability, Builder’s Risk Insurance is often overlooked.

However, it is essential to mitigate potential losses during construction. Builder’s Risk Insurance covers the structure being built and also the equipment being used for the project. It can also include protection for materials, labor costs and other expenses incurred during construction to fully shield you from potential losses.

• Do you have enough coverage?

When it comes to insurance coverage, you must be accurate. It is critical to look at replacement values of insured items when reassessing your contractor’s insurance. Market values of your equipment and materials may fluctuate and you could end up having to negotiate shortfalls.

Using this time to assess the market scenario and ensuring that the valuation with your insurer is accurate will help you manage your business more efficiently. Additionally, you can also utilize the time to see if your insurer has made any policy changes that may adversely impact your project.

• Do you know enough about insurance?

Get advice from trusted professionals. Even during self-isolation, it is business as usual for the insurance experts here at Builder’s Risk. We are as committed as ever to giving you the advice you need to assess your general contractor insurance.

Our agents will review your operations to make sure you are properly classified for the insurance you require. We have decades of experience in this field and have worked through various market cycles. You can rely on us for cost-effective insurance programs, delivered in quick turnaround time, and reliable customer sales service.

Now Is The Right Time To Assess Your General Contractor Insurance

At the moment, you have more time to think about business opportunities. An easy place to start is to assess your General Contractor Insurance with the help of industry experts at Builder’s Risk. We are here to insure your project and ensure the long-term health of your business. Get started by giving us a call, 887 960 0221.