If you’re in the construction industry, then you’re going to rely on builders liability insurance to protect your company’s assets. With builders insurance, you’re going to reduce your financial losses if an accident occurs during development.
A builders risk insurance policy will likely cover all materials, machinery, supplies and fixtures used during a commercial or residential construction project. Builder risk insurance will typically extend to general contractors, construction managers, owners of large construction projects and design-build firms.
1. Find out the services and coverage offered by a builders risk insurance policy. You’ll want to see what materials and machinery retain coverage as well as coverage amounts.
2. Locate carriers that offer insurance for builders. Since it’s a specialty risk, not all business insurance companies will extend this coverage.
3. Receive a builders insurance rate. Builder’s insurance cost will help make your cost versus risk assessment.
Find commercial and home builders insurance companiesYou're going to want to work with a company that has plenty of experience with handling these types of insurance accounts. Many carriers will have an entire department devoted to builders insurance policies.
Go over the inclusions of builders risk insurance coverageMost policies that fall under a builders risk insurance plan will cover property damage that occurs during a construction project. If you're looking for a policy that covers injuries, then you may need to look into builder general liability insurance options instead.
Receive an estimate on builders insurance costYou'll want to gather several quotes before you decide on the builders insurance company that you want to use. Since most construction projects have a pre-determined timeframe, you'll want an estimate that includes coverage throughout the duration of the project.
- For property renovations, you may not need a home builders insurance policy. The existing property insurance may cover the losses that occur during the construction period. Read through the current policy to determine whether or not coverage is required.