From small to mid-construction companies and builders, all business owners need a specific insurance coverage plan.
While getting a contractor’s general insurance policy is the first step to protect your business, not all events and risks are covered in the general liability insurance plan.
From a contractor’s viewpoint and to fully protect your construction equipment and assets, you need to have a good builder’s risk insurance coverage plan.
But, how do you know if your prospective builder’s risk insurance is the right one? Finding the best-value and most suitable insurance plan is a challenging task.
In the article, we have provided the top four tips and suggestions for choosing the right builder’s risk insurance plan.
Detail out your insurance needs
Many contractors and sub-contractors skip the process of detailing the potential risks that need to be covered. Consider determining your risks and protection-needs before selecting a builder’s risk insurance program.
Understand what the Builder’s Risk covers
In general, the builder’s risk insurance covers losses and damages caused to a contractor’s equipment, materials, and property-related damages on the construction site.
While these are the general risks included in a typical builder’s risk insurance plan, some policies cover more than that. So, before picking the insurance policy, get to know what risks are covered and what is not covered in the policy plan.
Compare Insurance policy-plans
The construction industry is ever-changing, and business owners take different risk measures for protecting their construction business in the long run.
Learn about the ongoing builder’s risk insurance coverage plans and policies offered by the providers.
When shopping around, make it a point to compare different insurance risk coverage and policy-plans.
Ask for a comprehensive quotation and estimation.
Builder’s risk insurance coverage varies from providers to providers and depends on your construction project scope. Some insurance providers also provide ways to customize and combine both the builder’s risk insurance and general liability insurance plan. Ask your insurance provider for the builder’s risk insurance quote and if they provide policy customization options to their customers.