Should you have Building Insurance as part of your insurance plan? Are you working in an industry with enormous potential? On both counts, the answer is YES. A report from Timetric’s Construction Intelligence Center and The Bureau of Labor Statistics, projects the construction industry to be among the fastest-growing industries in 2020.
But how can you make sure that you get a slice of the ever-increasing pie? Let’s look at how your Builder’s Risk Insurance will protect your business from loss.
Builder’s Risk To Safeguard Against Loss
The increasing size of building projects also increases your potential risk. Many types of Building Insurance try to safeguard you against such losses. But every construction project contains its own set of risks. Are you insured against all possible instances that can harm your project?
If you have a good Builder’s Risk insurance policy, you have taken a big step towards securing the future of your business. Builder’s Risk Insurance is a unique type of Building Insurance. The policy protects your investment in the structure being built. Coverage offers many advantages to your business. So, let’s look at 4 main advantages of having Builder’s Risk Insurance now.
4 Ways To Build Your Future With Building Insurance
- Complete coverage: Your Builder’s Risk Insurance policy not only gives coverage for the structure being built. It also protects the equipment being used for the project. You will be fully protected against damages to your specialized equipment, whether they occur on-site or while in transit. A good Builder’s Risk policy will also include protection for materials, labor costs and other expenses incurred during construction.
- Safeguard against delays: Costs can really pile-up if your project is delayed. Thankfully, Building Insurance policies from Contractors Liability can be extended to include such a scenario. Lost sales or rental income, additional interest on loans, real estate taxes, and other expenses may seem insignificant at first. But these can rapidly add up. Builder’s Risk Insurance shields you against such expenses. You can also choose to include related soft costs. These can be expenses for architects, lawyers, and expediters in your policy.
- Digital protection: The work for your construction company begins even before the first brick is laid. Contractors use blueprints, schematics, and other documents to plan for the build ahead. If such data is lost or misplaced, there can be serious problems for the project. Builder’s Risk Insurance can restore and replace your documents, whether they were in paper form or electronic form. This helps make sure that there is minimal impact on your business.
- Quick turnaround: Among all Building Insurance policies, Builder’s Risk Insurance is the quickest to get. There is little to no underwriting required in such policies, meaning they can be put into effect within a matter of hours from purchase. At Contractors Liability, we provide a ‘quote and issue’ service for Builder’s Risk Insurance.
Building Insurance From The Experts
Builder’s Risk Insurance is a must-have before starting any project. Our trusted industry experts at Contractors Liability will guide you through the entire process of obtaining insurance. We offer full customer support through your project’s lifetime. Get started today by giving us a call, 888-676-0923.