Is Builder’s Risk for Roofing Contractors?
February 24, 2020
Risk Management for Builders
February 25, 2020
With a bullish market, construction insurance in Atlanta is a no-brainer. The forecast market volume in 2020 is $20 billion. As such, the construction industry is confident there will only be limited impact from the COVID-19 pandemic. Consequently, the market promises a healthy return on investment. Will Builder’s Risk insurance help make sure your profits are not eroded by unforeseen losses? Absolutely it will! Let’s take a look at who should get this insurance, and why.
What is Builder’s Risk Insurance?
Builder’s Risk insurance is specialized coverage for certain types of projects. It does not apply to all construction work. Builder’s Risk insurance is for:
- The construction of new buildings or structures
- The remodeling of an existing building or structure
- Changes to the structure of a building, like the addition of a staircase
- Installation of permanent fixtures such as electricity and plumbing
In broad terms, Builder’s Risk provides coverage for the cost of the construction, including materials, equipment, tools and labor. Each Builder’s Risk policy will contain finer details based on the specific needs of the project. Moreover, your coverage can you customized to suit your own business and project requirements.
Why Should I Have Builder’s Risk Insurance?
It is not a legal requirement to have Builder’s Risk Insurance. However, many clients will refuse to work with a contractor who does not have it. Your client wants to know that you are able to look after their property. Consequently, if you have this coverage your client has peace of mind that if accidental damage occurs, you will have the means to fix or restore it.
Reduce Your Risk
If you don’t have Builder’s Risk construction insurance in Atlanta, you can suffer a financial loss. Typical risk events include the theft of tools on your site. You will then need to replace your tools at your own cost, and this can run into several thousands of dollars. Furthermore, an accident could damage or even destroy your building in progress, and this could be a financial disaster.
When you have Builder’s Risk insurance you know that you have coverage for these events. Therefore, you can expect a good return on your investment.
Who Needs Builder’s Risk?
Builder’s Risk insurance is specialized property coverage. It is designed to provide insurance to individuals and companies that own or are undertaking the above-mentioned types of construction projects. Further, this can mean developers, lenders, contractors, sub-contractors, builders and homeowners.
Get Your Construction Insurance In Atlanta Today
We are your construction insurance experts. We know all there is to know about Builder’s Risk specialized coverage. When you get your construction insurance in Atlanta, it is best to deal with knowledgeable experts. It’s about getting the right coverage at the lowest price. This is where we excel.
Buying construction insurance in Atlanta provides you with coverage for the risks your project could face. Furthermore, it protects you against financial losses. Moreover, our knowledgeable agents will customize a policy for you, so you have the right coverage. Call Builder’s Risk on 887 960 0221 so you can maximize your investment.
