Are you making the most of the business tools available for general contractors? You have to work long and hard to build a successful General Contractor business. Have you considered how effective Business Risk Insurance can be as a business building tool?
You have taken measures to maximize your profits. But are you doing what it takes to protect against expensive damages for incidents on your site? For example, in the construction industry the average cost of a stolen piece of equipment averages $46,000. Also 92% of tradesmen and construction sites are susceptible to theft.
So, let’s look at why a Builder’s Risk Insurance policy is a good business tool for General Contractors.
What’s one of the differences between General Contractors who build successful, profitable businesses, and those whose construction deals don’t do so well? It’s the measures you put in place to maximize profits while keeping losses at bay.
Before you start your next contract, let’s look at some ways in which a Builder’s Risk policy can protect your profits.
Builder’s Risk Insurance is specifically designed to protect buildings and structures that are being built or renovated. Adverse weather conditions often have an effect on construction projects. This results in you having to dig deep into your pocket to pay for the hold-ups or damages. Your budget and potential profits will obviously be affected. However, having Builder’s Risk insurance protects your profits by covering damages to the structures you are working on.
The most common crimes on construction sites are theft and vandalism. The adverse effects of losing such high-value tools and equipment on your profits can be devastating. Your Builder’s Risk insurance policy is your safety net when it comes to protecting your tools and equipment on the project site.
Not only does it cover the costs of construction it also covers the equipment being used in the construction project. This can include protection for equipment such as elevators and HVAC systems.
Think of an expensive copper wire being stolen while in transit, ceramic tiles falling off a truck, or insulating materials stored off-site being damaged by water from leaky ceilings. Unforeseen issues can deal a huge blow to your profits for the overall project. Builder’s Risk covers the materials you are using for the project whilst they are in transit to the job site.
Building laws may change midway through your project. This can lead to delays and losses for your entire project. With Builder’s Risk insurance cover, your profit is secure because such losses will be covered.
Builder’s Risk Insurance covers more than just labor, materials and equipment. General Contractors can be reimbursed for a percentage of profit earned as of the date of the loss.
A Builder’s Risk policy will protect not only the building or structure, but your tools, equipment, material, and supplies. It cushions you from unforeseen project costs and helps protect your profit. Our team is ready to answer your questions and give you a quick 5 minute quote. Give Builder’s Risk a call at 887 960 0221.