Wile every business has its operational risks to manage, construction company owners truly understand the need for risk management through insurance coverage. Many clients require you to carry a certain level of liability insurance before you can be awarded contracts to build their facilities. After all, if a lawsuit arises due to an ongoing project, your clients don’t want to risk being sued without adequate insurance protection. This works well for your clientele, but what about your risk as a builder? Until your completed project has been accepted by the client, you own the project and many of its associated risks.
The Value of Protecting With Builder’s Risk Coverage
A builders risk policy covers the facility being built, certain equipment, materials , and supplies. Policies can vary, so it’s important to understand what is covered. Typically, the following items are not covered:
• Injuries and accidents
• Stolen supplies and building materials
• Land or landscaping
• Field office structures and items
Items not covered by a builder’s risk policy may be covered under other types of insurance products.
The Value of Working With the Right Insurer
It’s important for you to partner with an insurance company that can help you figure out exactly what your business needs. Your investors, employees, and clients expect you to have adequate insurance protection to cover your operations. Don’t risk the future of your business by not having the proper coverage.