Building under construction insurance can help you successfully deliver your project. If things go wrong, which they frequently do in construction, you are able to put them right. A typical construction project faces many hazards and if you don’t have insurance, you may not be able to complete it. Your reputation could be ruined and you could even be put out of business. Let’s look at how construction insurance can help you.
How building under construction protects your reputation
Some of the ways construction insurance can help with your reputation are:
It demonstrates to your clients that you are a professional
It is not mandatory to have Builder’s Risk Insurance so when you do have this coverage it says to your client that you take your business seriously. You are not a fly-by-night cowboy builder but a professional.
You can make right if something happens
When you have Builder’s Risk Insurance you are able to fix things when they go wrong. If there is a storm that damages the building, you will have the means to do the repairs. You can replace tools and equipment if they are stolen; if expensive fixtures are damaged you have the means to repair or replace.
Reputation is built over many years and it is something that can be easily damaged. Building under construction insurance means you can honor your commitments, even when things go wrong.
How to protect your project by building under construction insurance
Builder’s Risk Insurance is tailored to your project. You can put together a policy that gives you coverage for the risks that you face. There are some standard things that are included in a policy, like coverage for theft, vandalism, fire, and weather events like hail and lightning. There are also things you can include if your location is open to a particular risk like flooding or earthquakes.
No two policies are the same. Your business is unique and so are your projects. Thus, a Builder’s Risk policy should reflect this.
How much does Builder’s Risk Insurance cost?
The cost of a Builder’s Risk policy is influenced by many things. In general, it will cost between 1 and 5% of the total cost of the project. Furthermore, there are other factors that are taken into consideration when writing your policy. These include how long your company has been operating and the insurance track record of your business. Moreover, the reputation of your company will also influence the cost of your policy.
Choose a reputable carrier for your building under construction insurance
Contractors Liability works with A-Class carriers and has been operating for more than 20 years. This is specialized coverage and It is good practice to speak to a knowledgeable agent when you put your policy together. Our agents have extensive knowledge of the construction industry and can help you get the right coverage for your project. Your reputation is in good hands. Call Contractors Liability on 866-225-1950.