Insurance in Construction
Have you ever wondered what kind of insurance you need in the construction industry? Several types of insurance coverage are required or recommended to manage risk.
Construction companies and contractors generally engage in dangerous work and use expensive equipment, making workers’ compensation, inland marine, and commercial property insurance must-haves.
But what about insuring buildings or structures that have yet to be completed? That is where builder’s risk insurance comes into play.
Builder’s Risk Insurance
Builder’s risk insurance is specific coverage for materials and buildings during construction. Whether your business is involved in dirt-start construction or specializes in renovations, a builder’s risk policy will keep your assets protected.
For example, if your company was hired to complete a large-scale renovation of a hotel and the building caught fire in the middle of the project, your builder’s risk insurance would help cover the cost of any damage to the structure or lost materials.
Additionally, if someone broke into the job site and caused any destruction or stole equipment or materials, your coverage would help with replacement and repair costs. Depending on the policy, builder’s risk insurance can even go so far as protection for damaged or stolen documents or blueprints.
Not only will builder’s risk insurance cover physical property, but it may also help with labor costs, lost sales or rental income, real estate taxes, and loan expenses.
What Coverage Do You Need?
There are many varying levels of coverage when it comes to builder’s risk insurance. Be sure to consult an experienced commercial insurance provider to determine what would work best for your business.
If you have questions about commercial insurance or need a quote, please contact Steve Longenecker (303-808-9351 x2) at Mountain Insurance: Longmont.
We give out $25 gift cards for referrals that become our insurance clients.