General Liability Insurance for Contractors protects you if someone claims you have caused them personal and/or property damage. It serves a very different purpose to Builder’s Risk Insurance, which is property coverage. Do you need both for your business?
Insurance is an inexpensive way to protect your business from unforeseen events. When you have General Liability, Property Coverage, Commercial Auto Insurance and Workers Compensation you have coverage for most of the risks that can befall you. This is particularly true when it is tailored for your particular business.
This covers you if you are sued for damaging someone’s property or causing them bodily injury. It protects you from claims of property damage, bodily injury, advertising mistakes, and reputation damage. It pays the costs of your defence as well as settlement costs.
This is specialized insurance that protects property in the course of construction. It is tailored per project so no two policies are the same. Builder’s Risk covers labour costs, materials and equipment used in the construction. Typical loss events that it covers are fire, theft, vandalism and weather events. You can include additional coverage as per your project needs.
This covers your employees if they are injured at work. This is not included in General Liability Insurance for Contractors. It pays for your employee’s medical care costs and their loss of income as a result of the injury.
This insurance covers any damage done to your vehicles when an employee is driving. It includes the use of the vehicle on your site as well as off-site.
Builder’s Risk Insurance is an effective way of protecting your profits. It gives you coverage for many unforeseen events that are common to construction projects. If a loss event occurs the policy pays the replacement cost of that property and you can continue with your work.
It is strongly recommended that you have liability coverage as a lawsuit can have a devastating financial impact on your business. Builder’s Risk Insurance does not include liability but it plays another important role in your business. It will protect you from financial loss from many common events that occur on a construction site. Our agents at Builder’s Risk.net will get you the right coverage you need. Call Builder’s Risk at 877 960 0221.