What Does Your Builder’s Risk Insurance Policy Cover?
February 12, 2020
Does Builders Risk Insurance Cover Your Employees’ Injuries?
February 13, 2020
Wondering how insurance for Wyoming contractors works during Coronavirus? You’re not alone. We are here to answer some of the most common questions about Builder’s Risk Insurance.
Wyoming, like all states, is experiencing the effects of the virus with lockdowns across the country. This has led to a disruption of supply of materials and labor across the construction industry. The first question is, Does your contractor business have coverage?
What is the Best Insurance for Wyoming Contractors during Coronavirus?
Does your company have Builder’s Risk insurance? Why is this coverage so important right now? Let’s look at some of the damages it covers, and how this is relevant right now.
- Delayed completions and oncoming severe weather season: Before the coronavirus outbreak took hold, you may have had construction projects underway. With the current lockdowns, your rate of work may have slowed or stopped completely. But there’s added risk as the months pass.
As you know, the severe weather season in Wyoming starts in early May. Thunderstorm winds can sheer shingles off roofs or hurl debris into walls and windows. This causes an added risk to incomplete construction sites. With Builder’s Risk, you can be protected against damage or losses due to severe weather events.
- Debris removal from a covered damage: It is not clear when America will reopen. This means your construction site might be impacted by a severe weather event as the pace of construction remains slow. Debris removal can be expensive and cause further delays to completion.
It is advisable to get it done quickly so rebuilding or repair can commence. With Builder’s Risk insurance, you can be compensated for the cost of clearing debris from the construction site.
- Compensation for soft costs: Soft costs, such as legal, financing, and architectural fees involved in the repair or rebuilding process can pile up quickly. Paying for these out of your own pocket can put a huge dent in your profits. If you have the appropriate extension to your Builder’s Risk, you could receive compensation for soft costs after a covered damage or loss.
Do you have Builder’s Risk coverage?
Our best tip is to talk to an insurance company about Builder’s Risk insurance.
If you already have a policy, have them explain whether your extensions give you coverage, and what exclusions may affect you. (Some Builder’s Risk policies specifically exclude Virus and Pandemic.)
If you do not have a Builder’s Risk policy, now is the time to invest in one so that your business is stronger going forward. Consult with an insurance company before you buy. You’ll want the best extensions for your specific business needs. Have them explain all the exclusions. We can help. Call our friendly agents on 887 960 0221. Let’s get you ready to bounce back after the pandemic!
Ask the Insurance Experts
We take pride in providing the best Builder’s Risk insurance for contractors in Wyoming. Our promise to you is backed by an A++ rating and over 20 years’ experience in the construction insurance industry. Our agents will work to provide you with the correct Builder’s Risk insurance at the lowest cost. For a free quote within the hour call today on 887 960 0221. Our agents will assess your policy and answer your questions.
