Does Builders Risk Insurance Cover Your Employees’ Injuries?

Builders Risk Insurance is a property insurance tailored to protect your personal insurable interest in materials, equipment and fixtures awaiting installation or after they have been installed.

Builder’s Risk protection is taken out to cover the structure and onsite materials as they await installation or transportation to the construction site. While it is a great stride in protecting your investment, it only covers damages up to the cover limit. The cover limit is supposed to accurately reflect the value of your completed building. An estimate is usually reached using your construction budget.

Who Can Take Builder’s Risk Insurance Cover?

This insurance cover can be taken by anyone that has insurable interest in a construction site to protect against loss and damage of property. They may include;

• Home owners
• Builders
• Contractors
• Investment companies

Which Projects Are Eligible For This Insurance Cover?

 You can take Builder’s Risk insurance for the following projects;

• Ground up new construction
• Remodeling
• Installation

A Builders Risk Insurance policy is written in short terms and you can easily extend your policy once it is depleted before the completion of your construction project. The damages covered by this insurance cover include:

• Wind
• Theft
• Vandalism
• Explosion
• Hail
• Fire

But What About Your Employees?

While taking out an insurance coverage it is important that you review the standard exclusions such as water damage, war, government action among others. Unfortunately, this insurance cover does not cater to the interest of employees injured while working within your site and you may need to consider Worker’s Compensation.

What is Worker’s Compensation?

This is a state- mandated system that provides monetary benefits to employees that are injured within the line of duty.  Worker’s Compensation caters for the medical bills of your injured employee and offers monetary support for inability to work due to sustained injury. In the unfortunate event of death, benefits are extended to employee’s family.

This insurance policy is meant to protect both your interests and those of your employees. While the employee is relieved of all medical bills, you are protected as the employee gives up all rights to file a legal suit against you. In the event a negligence legal suit is filed against you, the policy is responsible for covering your legal fees.

This insurance policy is often subject to insurance fraud as some workers may obtain injuries away from the construction site and claim otherwise to cheat the system.

And What About General Liability Insurance Cover?

Contractors Insurance is a group of policies that cover risks faced by contractors. This insurance bundle is offered at a discounted price. This insurance cover usually includes policies such as;

• General liability
• Commercial property
• Worker’s Compensation
• Builders Risk Insurance
• Value of business property

What Next?

Get the policy you really need from one of the largest online providers of Builder’s Risk Insurance. Give our experienced Builder’s Risk Insurance agents a call at (877) 960-0221.