General Contractor construction companies are always exposed risks. In fact, they often result in large financial losses. Although many people consider securing the assets of a company as an expense, in the face of a work related accident it is really an investment.
Many business owners ask themselves why is insurance is necessary? There are even contractors who refuse to take out insurance. Mistakenly, they trust their business will not experience an accident.
So, it is important to know why you need insurance and what the benefits are.
We know how tedious it is to look for the right insurance. For example, there are so many insurance companies. In fact, there are so many types of insurance.
Will you get the call?
Receiving calls to promote insurance can be annoying. But this is one way of learning about products. However, there are others. For example, you can read articles on the Contractors Liability blog. Or you can speak to one of our consultants. Get a straight answer from the experts.
Do not miss opportunities to help you improve and save money. If you’re still not sure why you need insurance, keep reading for the answers you need. Here are 3 reasons why Builder’s Risk Insurance is important.
1. Protect Your Business And Your Tranquillity
You and your employees are constantly exposed to potential dangers while working on a construction site. Builder’s Risk Insurance ensures that your employees are able to work with peace of mind that they will be taken care of in the event of an unexpected accident/interruption in their project. If you want to protect your company and the wellbeing of your clients, it is better to have insurance to protect against the risks of the construction industry. Our plan insures both you construction materials in addition to the labor required for your specific construction project, therefore protecting your business at every stage of the building process.
2. Save Money With Builder’s Risk Insurance
Maybe it has not occurred to you that you would save your company money by buying insurance, but the truth is that insurance is an investment which can help you save a lot of money. Builder’s Risk Insurance is of the most affordable types of insurance, as it usually costs only 1- 5% of the total construction budget. In the event of damaged materials or property, having Risk Insurance will save you a lot of money while recovering from the loss. Builder’s Risk Insurance will help to prevent and compensate for all the risks that can lead to your company losing money, projects, and clients. Insuring your company is the best way to not lose money in the face of any type of disaster or incident.
3. Grow your General Contractor Business
What kind of business owner does not want their company to grow? The hard part is knowing how to do it. The key to success is knowledge.
First and foremost, winning the loyalty of your customers must be your priority. Construction is a highly competitive market. Clients always seek the best service. In fact, they are often willing to pay if the service comes highly recommended. Is this you?
However, it is very difficult to stand out. A differentiator is insurance. If you have it, the client will trust you more. But why is this? Because it demonstrates an appreciation of financial risk. They know that one of your priorities is to mitigate risk. Their investment is safe.
Loyalty and trust of the client means business through referrals. But remember, clients may require proof of Builder’s Risk Insurance prior to hiring your services. They will review its conditions before signing a contract.
Builder’s Risk Insurance not only protects your general contractor business and work from unintended damages. Save by reducing costs of accidents and material losses. Additionally, Builder’s Risk Insurance helps your business grow. How? By increasing client’s trust in your company.
Insurance Advice for General Contractors
We are here to help your business grow. We offer a completely free quote so that you can compare our prices with other companies. Insurance is never a waste of money.
To learn more about other types of insurance, we recommend our blogs. We offer the best insurance advice. You are our top priority is our clients, just as your clients are your top priority.
I hope this information helps answer your questions. Builder’s Risk insurance is essential for your success of your company. However, if you still have questions about insurance please contact one of our agents. Call 866-225-1950 or fill out our online quote form.