Think of buying Construction Insurance as making an investment in your contracting business. It is also crucial to the financial well-being of your company. Without insurance even a small event like the theft of your tools can cost you thousands of dollars. A big accident could mean the closure of your business.
We need an example. So, let’s take a closer look at one of the best policies you should have as part of your construction insurance program. The importance of Builder’s Risk insurance is clear, but what do you need to know when you buy your policy?
Let’s talk about what you should do, and what you should be careful of when you get yours.
The Do’s of Buying Construction Insurance
There are a few things you can DO to make sure you get the most out of your insurance.
Customize your policy
Builder’s Risk Insurance should be customized to your business. You want coverage for the types of risks you face. Maybe you need to store expensive equipment off-site and then transport it when it is ready for installation? This is a risk you can include in your coverage. The items that are generally covered are theft, vandalism, fire and weather events. Check any exclusions, or add things by endorsement if you need them.
Get a few quotes for comparison
It is helpful to get a few quotes before you choose your policy. You can compare what the policy provides for and how much it costs. This way you can get the best result for your business at a competitive price.
Speak with the experts
When you choose your provider, look for a company that has the knowledge and experience to give you the best advice. Builder’s Risk Insurance is specialized coverage. You want an agent that understands your industry and can talk you through the options.
The Don’ts of Buying Construction Insurance
Here are some things you should avoid when buying your policy:
Don’t buy a policy based only on price
Sometimes Contractors buy the cheapest policy they can find without considering what coverage it provides. This can be short-sighted and end up being an expensive mistake. It ties back to number 1 of the DO’S above. Your policy should be customized for your business and the project you are undertaking.
Don’t undervalue your project
Builder’s Risk Insurance is property replacement coverage. This means that the insured amount must be what it would cost to replace the building if it was destroyed once it is complete. It is better to err on the side of caution and insure it at the top end of this amount as this will accommodate any cost increases in the process of building.
Don’t buy a policy before you’ve spoken with us at Contractors Liability
Contractors Liability has access to a large network of carriers- both regional and national. We can get you customized coverage at competitive prices. We’ll get you at least 3 quotes so you can compare and select the best. Our agents have expert knowledge and we have been operating for more than 20 years. At Contractor’s Liability we know you want simplicity and speedy service, and we won’t disappoint you.
Take your next step. Buying Construction Insurance is simple!
Buying construction insurance is as easy as picking up the phone. Our agents are ready to assist you with a no-obligation quote. Call Contractors Liability on 866-225-1950 for hassle-free insurance that delivers.