Washington contractors during coronavirus have eagerly been waiting to return to work. Construction is a solid contributor to the economy of the state. Recent figures show a contribution of $24.3 billion (4.3%) of the state’s GDP of $563 billion.
This pandemic has highlighted unexpected things can happen. Life is unpredictable but there are also many risks that you can mitigate. Builder’s Risk for general contractors can give you coverage for typical events that take place on construction projects.
What is Builder’s Risk for General Contractors?
Certain types of construction projects qualify for Builder’s Risk Insurance. These include:
- New construction of buildings or structures
- Renovation of an existing building
- Remodeling of the interior of a building
- Making changes to an existing structure, such as reinforcing foundations
Some of the businesses and professions that purchase this type of insurance include:
- General Contractors
- Architects and Engineers
Advice for Washington Contractors during Coronavirus
With the temporary slow down in activity, Washington contractors during coronavirus have had time to assess some of the risks they face. You probably have coverage for General Liability. This gives you coverage in the event that an accident occurs, and you are sued for damages to property or injury to a person. As an employer you will also have Workers Compensation which provides insurance in the event a worker is injured. But what about other risks your project faces?
As a general contractor you know things can go wrong on a project. You can have detailed plans but accidents and other events beyond your control can happen. The sensible thing to do is to transfer this risk to someone else. This is the basis for insurance. You purchase a policy so that in the event of a specified risk happening, you don’t suffer the loss.
Why get Builder’s Risk for General Contractors?
A Builder’s Risk policy is tailor-made for a particular contractor and/or project. You choose the coverage you need according to your business. This gives you peace of mind that in the event of a loss event you won’t incur the financial loss.
Washington contractors during coronavirus are asking themselves what insurance they may need for the future. A construction project requires significant investment. This includes the equipment, tools, materials, planning and professions needed for its successful conclusion. You can get coverage for losses due to theft, vandalism, weather events, damage to equipment and materials, amongst other things. Some items are not standard to a policy, but you can have them added by endorsement. This could include soft costs such as architecture, engineering and legal services.
Get Builder’s Risk for General Contractors Today
Washington contractors during coronavirus have experienced losses due to delay or even cancellation of some projects. Protecting your investment in future projects is important. With Builder’s Risk insurance you can mitigate many of the risks you face. Speak to us at Contractor’s Liability on 888-676-0923 or visit https://contractorsliability.com/general-liability-insurance/ and protect your investment in your construction projects.