The Builder’s Risk Insurance Policy That Protects Your Profits
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Protect your general contractor profits in Denver, CO, with a watertight insurance plan. There’s no doubt, it’s a competitive market out there. Sure, business is good. But in a city banking $9.4 billion in 2018 new starts, are you keeping that growth safe?
At 1-5% of construction costs, effective Builder’s Risk is an excellent way to safeguard your business. Let’s look at how to get the most out of Builder’s Risk and secure your earnings.
Protect your General Contractor Profits in Denver, CO
1. Do Some Research
If you want to protect your general contractor profits in Denver, CO, you’re best checking city and state insurance regulations first. This will let you avoid shocking and profound losses when you find out your policy isn’t valid. Worker classification, subcontractor deductibles and building laws are all worth getting your head around. With overhauls to both the 2018 and 2019 Denver Building and Fire Code, you can’t be too careful.
With one-fifth of Denver workplace accidents happening in construction, this goes for Workers Comp and Liability Insurance, too. We can help with this. We have professionals with expertise in Denver’s contractor market. We’ll get you the right coverage.
2. Know What Your Policy Covers
Builder’s Risk is a comprehensive policy – but not standardized. Different brokers may exclude certain types of coverage. Wind, fire, rain and lightning are almost certainly included. But earthquakes, floods, faulty workmanship and even losses covered by ‘other insurance’ might be left out. Protecting job sites with CCTV and alarms keeps your assets safer from external theft. But with Denver’s growing workforces, employee theft is an increasing risk and a frequent exception to Builder’s Risk.
To protect your general contractor profits in Denver, CO, it’s best to check and double-check.
You want the lowest price, and a policy that gives coverage for the risks you face. While also saving you money by excluding those you don’t. Focusing exclusively on Contractors Insurance, we know where to find the best policies for you.
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Adapt Your Builder’s Risk
You can streamline without cutting corners. You can cheaply adapt your coverage with necessary extensions, depending on your exposures. Policy extensions that protect your general contractor profits in Denver, CO are:
- Pollutant Cleanup – With bigger sites, a growing industrial sector and an estimated 1,371,000 square feet of added Downtown office space in 2019, pollution is always a concern. Safety steps are paramount. But this gives you coverage for your profits if the worst happens
- Green Construction – The Green Roof Initiative in 2017 was another step towards Denver leading sustainable building. It’s clear that this market will continue to grow. This extension helps you establish reputation, retain clients and remain competitive.
- Delay of Completion – With gigantic projects like X Denver and the $158 million Grand Hall, losses from late finishing can be devastating for your hard-earned profits. The same goes for small businesses who work project-to-project, depending on full payment.
