Builder’s Risk for general contractors in Virginia is needed now more than ever. Why? Construction insurance is important at all times. However, in times of great uncertainty, such as the recent coronavirus outbreak, insurance can be the thin line between staying in business and closing shop.
Builder’s Risk for general contractors in Virginia is a policy which offers good protection against the risks your business faces going forward.
The Covid-19 pandemic has thrown the entire globe into chaos with governments initiating lockdowns for most businesses. Construction firms in Virginia have been classified as essential and can stay operational. All the same, general contractors faced with material and labor shortages are feeling the ripple effect of lockdowns and disruptions.
Let’s look at some steps you can take in these challenging times.
Further, you need to factor in significant changes in cost of materials which might increase project costs. You may need to upgrade your Builder’s Risk coverage on your project. Does it still give you adequate protection? In this time of uncertainty, you may also want to consider extensions on your coverage that will compensate for lost profits or additional soft costs.
Builder’s Risk for General Contractors in Virginia
Delays will pose a big threat to general contractors during coronavirus. While construction businesses may stay open, disruption in supply of labor and material will force setbacks on completion dates. With an extension to your Builder’s Risk coverage, you could be compensated for lost profits, or additional costs incurred in financing and legal fees.
We provide professional guidance on Builder’s Risk for general contractors in Virginia. We will get you the right coverage at the most affordable cost. Talk to one of our knowledgeable and experienced agents today. Call Builders Risk Insurance on 887 960 0221.