Why Get Builder’s Risk Insurance in Birmingham, AL?

Do you have construction insurance in Birmingham? If not, you could be putting your business at risk.  There are many risks your project faces. Without the right coverage you could be caught short and risk financial loss. You can plan your work and take great care.  But unforeseen events out of your control could scupper your best laid plans.  This is when Builder’s Risk insurance can make the difference between your project being a great success – or see you suffer a loss.

Let’s take a look at why you should get Builder’s Risk Insurance in Birmingham, AL.

Peace Of Mind With Insurance In Birmingham

When you have insurance in Birmingham, you know you have coverage for some of the things that could go wrong.  Furthermore, the purpose of insurance is to pass the risk of an adverse event happening on your project, on to someone else.

Typically, the types of risk you are insuring will have a low risk of happening.  But if they did occur, you would suffer a potentially serious financial loss. An example would be a bad weather event that damages your construction material. Moreover, if you did not have Builder’s Risk insurance you would have to replace this material out of your own pocket, and this could be a significant cost.

What Coverage Does Builder’s Risk Insurance Provide?

Builder’s Risk insurance is specialized insurance coverage for certain types of construction projects.  You should already have coverage in the form of General Liability and Workers Compensation.  But, you are still exposed to some risks typical to a building project.

Some of the items you can include in your policy include:

1. Replacement of the property. This coverage is calculated on the replacement cost of the building at completion.  It is not the market value of the project, but what it would cost to replace if it was destroyed once complete.
2. Removal of debris. In the event of an accident debris will need to be removed from the site.  Furthermore, you will have coverage for this up the amount you stipulate in your policy.
3. Construction materials, tools and equipment. Builder’s Risk protects you from things like adverse weather events that could damage your materials, equipment and tools.  Moreover, the policy also gives you coverage against theft. You can include coverage for the temporary storage of equipment off-site, and its transportation to site, such as HVAC equipment or elevators.
4. Profits. As a general contractor you can get coverage for your profits.  You could be reimbursed for a percentage of the profit you would have earned at the date of a loss incurred.

Customized Builder’s Risk Coverage 

The above is not a comprehensive list of all that can be included in your coverage. Each project and business is unique. Consequently, when you get your insurance in Birmingham it can be customized for your needs and situation.

Call Today For Insurance In Birmingham

At Builder’s Risk we have more than 20 years of experience providing coverage to contractors, developers, builders and homeowners. Moreover, we have earned an A+ rating in the industry.   Furthermore, our experts will make sure you get the right insurance in Birmingham for your project. Get started on your tailor-made policy today by calling Builder’s Risk at 887 960 0221.