It’s no surprise that homeowners and business owners alike should insure the structures they live or work in. But protecting a building should start long before the project is finished. During the course of construction, ongoing projects are exposed to the elements and other dangers. Not only is the unfinished structure at risk, but so too are raw materials, construction equipment, fencing, scaffolding, signs and other property left at the worksite.
To protect construction projects in progress, talk to your independent insurance agent about builder’s risk insurance. This coverage is designed to cover damages to property during the project’s timeframe that could otherwise result in expensive setbacks. Builder’s risk insurance can help protect your project and contracting business from some of the following risks.
- Property damage: Protects physical assets and landscaping from damages while a project is underway.
- Property theft: Protects physical assets from theft at the worksite. For this coverage option, you may be required to gate the site to reduce the risk of theft.
- Miscellaneous damages: Any number of things can go wrong during construction. This coverage protects you against flawed materials, subpar craftsmanship and other possible damages.
- Disasters: Protects against damages from both natural and man-made disasters, such as severe storms, hail, fire, black outs, broken water mains etc.
Every year, storms and other risk factors cause billions of dollars’ worth of damage to worksites. And the risk only increases the longer the timeframe of the project. Builder’s risk insurance is a great way to protect ongoing construction projects, especially those located in areas at a greater risk for inclement weather or theft.
Builder’s risk insurance policies can be purchased according to how long you expect the project to take, with the option to extend coverage. While your agent can give you a more accurate quote, you can expect premiums to cost somewhere between one and three percent on the total construction budget.
Learn more today. Call Insurance Agent2000 at (925) 429-8811 for more information on Clayton construction insurance.