Builders Risk Insurance

Protect your project as it’s being built.

Builders risk insurance to cover your company.

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Did you know you can protect your properties even before they are finished being built? Builders risk insurance protects from risks like fire, theft, and more.

In order for businesses to operate smoothly and safely, it’s important that they have adequate commercial insurance coverage. However, some businesses need more coverage than others. If you own a business in a high risk industry, you may need specialized coverage. Construction is one of those industries.

As a contractor, there are several types of commercial insurance policies that you need to cover you in the case of an emergency including commercial auto insurance, commercial umbrella insurance and worker’s compensation. However, there are some forms of insurance policies designed specifically for contractors. These specialized forms of insurance coverage offer protection that other policies do not- ones that you need to avoid financial and legal problems.

Builder’s Risk Insurance

Builder’s risk insurance is a form of property insurance that covers damage done to buildings under construction. This type of policy is crucial for risk management. As a contractor, you go into construction with a clear plan, but accidents can still happen.

What does builder’s risk insurance cover?

Builder’s risk insurance protects against damage caused by a variety of factors. More specifically, it will cover the costs to repair buildings under construction as well as replace building materials if they are damaged due to:

  • Theft
  • Vandalism
  • Fire
  • Hail
  • Explosions
  • Lightning
  • Car accidents

Builder’s risk insurance does not cover employee injuries or damage caused by severe natural disasters, defective building materials or faulty tools.

What type of building projects are covered under builder’s risk insurance?

Builder’s risk policies cover both residential and commercial new construction, remodelling and installation projects.

The exact coverage and cost of your builder’s risk insurance will depend on the type of risk (residential or commercial) and the type of project. Policy limits are determined as a percentage of your total construction budget.

If you are a contractor looking to safeguard your budding construction project- and your own financial assets- builder’s risk insurance is a great option. Contact us today for more information on our contractor’s insurance policies or fill out a quote request form here.

Builders Risk Insurance - Builder with Plans Looking at a Computer

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