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 are installed.

Use Builder’s Risk insurance 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. Moreover, the cover limit accurately reflects the value of your completed building. Your construction budget provides an estimate.

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 Builder’s Risk 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 in short terms and you can easily extend your depleted policy before the completion of your construction project. As such, 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 an injury of employees 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. Moreover, in the unfortunate event of death, the employee’s family receives the benefits.

This insurance policy will protect both your interests and those of your employees. While the employee receives relief from all medical bills, you receive protection as the employee gives up all rights to file a legal suit against you. Furthermore, in the event that someone files a negligence legal suit 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. Moreover, this insurance bundle is at a discounted price. Furthermore, 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.