Building Insurance coverage protects your project from risk. During the construction itself, there is the risk of damage due to severe weather. Fire, vandalism, theft, damage to equipment and materials are other risks. Moreover, your business may not be able to shoulder all these risk outcomes, but your Builder’s Risk insurance can.
With Builder’s Risk, you pay between 1% and 4% of the value of the construction project. Hence, this small outlay affords you peace of mind for almost any eventuality. In this article, let’s take a closer look at Builder’s Risk Insurance and who it is for.
A contractor acting in their own capacity as a general contractor benefits from Builder’s Risk insurance. If the project owner has not taken out this cover, it is up to you as a general contractor to do so. Moreover, you must be the first insured in the policy document to get benefits or payouts.
Roofing, painting, and framing contractors working with a project owner should also have Builder’s Risk insurance. As a result, damages incurred in the course of construction will be on you. If you are working with a general contractor as a sub-contractor, make sure you are one of the insured in the GC’s policy.
Being fully informed about Builder’s Risk can help you make sure your business has coverage at the right cost.
You can benefit from professional guidance on your insurable interests today. Our experienced agents are available to talk you through selecting the best Building Insurance for your construction business. At Buildersrisk.net we take the pain out of getting your construction business properly covered. Furthermore, we will provide a quote to you within a few hours. Talk to us today on 887 960 0221 for a free Builder’s Risk insurance quote.