How can you reduce your financial risk as a framing contractor? When you are fronting almost 18% of the overall building cost, you have a right to be nervous. Can Builder’s Risk Insurance take some of the stress off your business?
Builder’s Risk Insurance is a policy that protects a contractor’s interests when working on building projects – whether it is the construction or renovation of buildings. Contractors use it to ensure coverage in case of any loss in building materials or equipment – or even labor used and profits lost!
As a framing constructor, you’re among the main subcontractors used to construct a building. This job comes with significant risks in terms of labor, equipment, and materials. To protect your risk, it’s worth considering this specialized insurance coverage.
1. Material Protection – If anything happens to your materials on the site, this insurance covers the loss. Building frameworks can cost millions of dollars. This is why some general contractors may not sign up with a framing contractor without this type of cover.
2. Equipment Protection – You have a lot of expensive equipment. Be it forklifts, cranes, electric saws, drills, even beams, and hammers. This equipment isn’t easy to replace. Builder’s Risk Insurance ensures all your equipment is protected in case of any mishap on site.
3. Debris Removal – There are many reasons for debris. Your framework could fall due to external natural forces such as earthquakes or wind. It could even burn down in a fire. This leaves the whole building site full of debris. Furthermore, cleaning up debris is not only labor-intensive, it’s also very cost-intensive.
When you think about it, the cost of insurance is quite small when compared to the cost of any mishap – small or large – happening on-site in this industry. Builder’s Risk Insurance offers you material protection, equipment protection, debris removal, and a lot more. Therefore, you might want to talk to the experts in Builder’s Risk Insurance. Call now at (855) 480-2252 and let us help you!