So what is Builder’s Risk? Does Builder’s Risk insurance protect your general contractor business? As a general contractor, you have genuine concerns about the various risks that might impact your project in the course of construction. Mistakes are costly. Risk mitigation takes many forms and having the right Builder’s Risk insurance is one of them.
Read on and find out the numerous benefits Builder’s Risk can afford your business.
Overhead costs can eat into your profit margin. If you already have a contractor liability cover you may wonder, “What is Builder’s Risk insurance? Does my business need it?” Builder’s Risk insurance is not another unnecessary overhead. This cover will partially or fully compensate you in case of loss or damages to a structure during construction under a stated set of circumstances.
With your Builder’s Risk cover, you have a guarantee the structure under construction, materials and equipment would be compensated for should anything go wrong.
When selecting your cover, it’s a good idea to discuss any concerns with your insurance agent. Depending on your local area, you may find some factors pose a greater risk to you. Your Builder’s Risk cover should be adapted to adequately protect you.
Builder’s Risk does not come in a “one size fits all” package. Each construction business has its set of unique circumstances to be considered in order to give suitable coverage. We are here to help you general contractor business select the tailor-made cover in any of the 50 states. Would you like to consult with us? Call us today on 888-676-0923.