People around the world are looking for ways to pass the time in lockdown. Take this opportunity to assess your General Contractor Insurance. In uncertain times such as these, the certainty of insurance can provide security. Experts advise policies such as Life Insurance and Vehicle Insurance should be reassessed annually. It’s the same for your General Contractor Insurance. Making use of the abundant time available due to Coronavirus has many advantages for your business. So, let’s look at 3 reasons to assess your General Contractor Insurance now.
Contractors usually plan for contingencies before beginning work on a specific project. Some risks will differ from project to project. However, there are some mitigating measures that you can take in advance. These will help you assess the key threats to your construction work and address them before they cause losses.
When you assess your General Contractor Insurance, make sure that you have protection from all incidents that could damage your business’s financial health. Most contractors know about Workers Compensation and Commercial General Liability. However, Builder’s Risk Insurance is often overlooked.
This policy is essential to mitigate potential losses during construction. Builder’s Risk gives coverage for the structure being built and also the equipment being used for the project. The policy can also include protection for materials, labor costs and other expenses incurred during construction to fully shield you from potential losses.
2. Maintain accuracy:
It is critical to look at the replacement value 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. Use this time to assess the market.
Make sure that the valuations with your insurance agent are accurate. This will help you manage your business more efficiently. You can also utilize the time to see if your insurance provider has made any policy changes that may adversely impact your project.
3. 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. We deliver in quick turnaround times, and have excellent, reliable customer sales service.
The knowledgeable professionals at Builder’s Risk are here to help you assess your General Contractor Insurance while you are self-isolating at home. More time to think about your business, means more opportunities to make profitable decisions. An easy place to start is to assess your General Contractor Insurance with the help of our industry experts at Builder’s Risk. We are here to insure your project and protect the long-term health of your business. Get started by giving us a call today on 887 960 0221.