What is Builder’s Risk Insurance?
There are several different types of insurance that may be needed for companies that focus on construction, and one of the most important coverages you should consider for your business is builder’s risk insurance. A building under construction is not necessarily an accident waiting to happen, but it does pose more threat of potential injury or damage than completed structures, because there is so much more going on during each phase of construction.
Builder’s risk insurance is a type of commercial insurance coverage that specifically applies to buildings that are under construction. Not only does it provide coverage for the actual structure being built, but you can even obtain coverage with your builder’s risk insurance that will protect tools, supplies, and machinery that are being stored at off-site locations. It can even provide protection for items in transit from a storage location to the construction site.
Many different natural disasters, like wind and rain damage, can be included as part of what your builder’s risk insurance protects you against. Other situations like fire, theft, vandalism, and personal injury can also be added to your insurance coverage. Having the right insurance coverage is essential to protect your company against potential perils that could prove costly if payment for loss or damages were to come out of your company’s pocket.
Find out more about how builder’s risk insurance can be a huge benefit to your company or have your current coverage reviewed to ensure that it is providing you with the protection you need. Contact one of our experienced agents at Schumacher Insurance Group today for details.