The most sought-after policy offered by construction insurance companies is Builder’s Risk Insurance. That is because some risks continue to plague the construction industry and increase instances of loss. According to Associated General Contractors of America, 80% of construction professionals are struggling to hire skilled workers due to an ongoing skilled labor shortage. Additionally, 40% of construction companies are still using paper plans on the job. This increases the possibility of misplacement and theft. Is your business one of them?
These are just a few, among many examples of how construction continues to be a risky business. Construction insurance companies like Contractors Liability, help you protect your investment. Specialized coverages can be tailor-made for your particular project. This makes Builder’s Risk insurance an essential policy for your business.
Back to Basics with Builder’s Risk
What is covered by my Builder’s Risk Insurance? What isn’t covered by my policy? Who benefits from the policy? Who is the insurance for? These are all important questions that our experts at Contractors Liability will answer for you. The key question among them is, who actually benefits from Builder’s Risk Insurance?
Are Construction Insurance Companies The Real Beneficiaries?
Builder’s Risk Insurance is one of the cheapest policies available for contractors. Typically, your policy will only be between 1% to 5% of the total project cost. For that price, you get coverage not only for the structure you are building, but also for the equipment being used for it. Many Builder’s Risk policies will also include reimbursements for soft costs that can really add up. Soft costs can include architectural, engineering, financing, and legal fees. It is easy to see that when it comes to building projects, construction insurance companies are offering you a sweet deal.
What’s In It For Me?
At a time when projects are getting bigger and more complicated, Builder’s Risk Insurance provides some much-needed security. The coverage offered by construction insurance companies protects the insurable interests of the owner, general contractor, and all subcontractors. In addition to standard building and equipment protection, Builder’s Risk coverage includes:
- Debris removal after a construction accident
- Contamination cleanup due to fire or other incidents
- Loss of valuable documents such as blueprints
- Delays or loss due to building code changes.
Builder’s Risk offers assured blanket protection against all of the most common construction risks. This makes coverage a must-have for all builders and contractors. Your Builder’s Risk policy also offers a unique advantage in that it requires almost no underwriting. As a result, your policy will take effect within hours of purchase. Allowing you to begin work without any undue delays.
Insurance From Construction Experts
You have everything to gain and, quite literally, nothing to lose with a Builder’s Risk Insurance policy. Contractors Liability has more than two decades of experience in crafting custom insurance policies for large as well as regional contractors. We are an insurance provider with excellent reviews after-sales service. Give us a call today to get your Builder’s Risk Insurance at 888-819-1228.