General Liability Insurance for Contractors is mandatory so you probably already have this insurance. It covers your company in the event you are sued by a client or a third party for damages. There are many more risks that you face so it is not the only coverage you need. Another form of insurance that protects you from many unforeseen events is Builder’s Risk Insurance. It is one of the best ways to protect your project from losses.
This is specialized insurance applicable to certain types of construction projects. These include:
It is also known as Course of Construction Insurance because it covers you for the duration of the building process. This is term insurance that is specific to a project. It is normally 3, 6 or 12 months in duration.
Builder’s Risk Insurance is tailored for your needs. No two policies are the same as every project (and your business) is unique. In general most policies will protect the property as well as materials and equipment used in the construction process. You can include many loss events in your policy. Typical events listed in many policies are fire, theft, vandalism and weather events. You can also include coverage like:
General Liability Insurance for Contractors is focused on resolving and settling claims with third parties when you are accused of negligence that results in damages. It assists with the cost of your defense as well as settlement costs. This is very different to Builder’s Risk Insurance. With Builder’s Risk, if a covered loss event occurs, your policy will pay the replacement cost for the property that is lost or damaged.
At Builder’s Risk.net we specialize in Builder’s Risk. We have been operating for more than 20 years. We know property insurance. We also understand the risks you face as a contractor. Some of the reasons you can confidently choose us to write your policy include:
Speak with us at Builder’s Risk.net about your property coverage requirements. Call Builder’s Risk at 877 960 0221 today for a policy uniquely suited to your business.