As a contractor, you may be questioning if you really need to add Builder’s Risk policies to your coverage. After all, you may already have Contractors Liability and Workers Compensation. Builder’s Risk policies are the most popular type of construction insurance. The coverage will compensate you for the cost of repairs or rebuilding in the event of damage or loss to a construction in progress.
Repair and rebuilding costs can be high. You need to protect your construction business from paying these costs directly. Builder’s Risk policies pass the risk on to your insurance provider. Your Builder’s Risk policy will cost between 1 and 4% of the total value of the construction cost. It’s a small price to pay for financial security and peace of mind.
How Do Contractors Benefit From Builders Risk Policies?
Damage in the course of construction does occur. Damage or loss can occur due to fires, vandalism, theft, riots, and inclement weather conditions. With Builders Risk policies, you will be compensated for up to 100% of the rebuilding and repair costs. Your coverage may extend to compensate for damage or loss of materials stored off-site. Or materials in transit to the site. Scaffolding, landscaping, and equipment permanently installed on-site such as HVAC units can also be included.
Other than the standard compensation for repair and rebuilding costs, there are extensions to Builder’s Risk policies that can benefit your construction business. Here are some:
You want to protect your construction business interests and reduce risks. Getting a Builders Risk insurance policy is simple and quick. At buildersrisk.net we have the industry experience and reach to provide you the right coverage in all 50 states. Call us on 8879 600 221 today for a free quote.