Construction insurance in Boise can protect the investments of contractor companies like yours as development in the area continues to grow. New projects in downtown Boise include 1300 new family housing units on the Boise River, mixed use developments with commercial spaces, urban neighborhoods, and retail and restaurant spaces.
Because unforeseen problems and unexpected events can impact new developments, you need some protection. Builder’s Risk Insurance could mean the difference between a great return on investment in a development project or suffering a financial loss. Let’s talk about what this insurance is and if you can benefit from having it.
What is Builder’s Risk insurance?
Builder’s Risk insurance is a specialized coverage that is available for certain types of construction projects. This includes the construction of new buildings, and the restructuring and remodeling of existing ones. It is primarily property coverage. Builder’s Risk insures the structure against damage and other loss events that can take place in the building process.
Do you have to have Builder’s Risk?
The law requires certain types of construction insurance. This includes General Liability and Workers Compensation. These forms of insurance provide protection if you damage someone’s property or cause bodily harm. Or, if your employee is injured on site. Furthermore, you can face big fines and significant expenses if you do not have this coverage.
Builder’s Risk is not a legally required form of construction insurance in Boise, although it is a good business decision to have it. It gives coverage for events like the theft of tools or damage to equipment and fixtures. Moreover, the coverage can also include damage to the building, clearing of a site, and even protection of plans and important documents. You can customize your policy, so it gives you the right coverage for your unique project. Moreover, your policy will pay out if these risks occur, and you will not be out of pocket.
Who needs to have construction insurance in Boise?
The following professions benefit greatly from having Builder’s Risk insurance:
- General Contractors
- Home Owners
- Property Owners
- Retail companies (undertaking construction in rental properties)
Other professionals that frequently purchase Builder’s Risk insurance include architects and engineers.
Will Builder’s Risk insurance help your business?
Do you have construction insurance in Boise? Some of the advantages of having Builder’s Risk insurance include:
- It makes your company more attractive to clients as they are confident you are able to look after their property.
- You will not be out of pocket if risk events happen on your project.
- You gain peace of mind knowing you are insured for accidents and losses on site.
Take the next step today
Give the professionals a call at Contractor’s Liability and ask about Builder’s Risk insurance policy. Moreover, they can answer all your questions and will customize a policy for your particular needs.
It is simple to secure your construction insurance in Boise. You can put your business into a leading position. Call Contractors Liability on 888-676-0923 and make the most of those development opportunities.