Peace of Mind for Contractors: Builders Risk Solutions

Construction projects can be complex with many steps, time, people and resources involved. There’s no predicting all the potential ways things could go wrong. That’s why a robust insurance portfolio, including builders risk insurance, is necessary for many working in the construction industry. It’s essential to understand the intricacies of what this coverage offers contractors.

What Is Builders Risk Insurance?

Depending on the work performed, builders risk insurance is a type of coverage that may be essential for contractors to consider. This type of property insurance can offer financial protection for buildings and structures under construction. It can help financially protect the project owner(s), general contractors and subcontractors against physical loss or damage to covered property. This policy can also offer coverage for materials and supplies that are on-site, transported or stored off-site. Coverage may also apply if the project is delayed due to a covered event.

What Does Builders Risk Insurance Protect Against?

This insurance can financially protect against a range of perils that cause property damage, such as the following:

• Wind
• Fire
• Hail
• Theft
• Lighting
• Explosions
• Collision from vehicle or aircraft
• Vandalism

It’s essential to review your policy carefully to understand what incidents are covered. Builders risk typically will not cover damage caused by flaws in design, planning or workmanship.

Insurance for Contractors in Prairie Village, KS

Builders risk insurance is a necessary coverage for many businesses in the construction industry. Contact Bovard Insurance Group to discuss your insurance needs. We can help ensure your operations have the coverage needed to complete projects with confidence and peace of mind.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.