Insurance for your Builder's Risk
Businesses involved in the construction industry should consider the benefits of Builders Risk Insurance. There are many risks to consider while in the building phase, and if you do not insure your work before it is completed, you could face some major losses. In fact, the losses could be so severe that you lose your business.
What Is Builders Risk Insurance?
Builder’s risk refers to an insurance policy that protects construction projects. It will cover losses while the project is being built including: fire, wind, theft, and vandalism. These policies may also cover materials and supplies, landscaping that form part of the completed project, temporary buildings and infrastructure, and project materials.
Does your business build structures or perform home improvements? We service clients from the following industries with a Builder’s Risk Insurance policy:
- Construction companies
- Handyman services
- Home remodeling companies
- Landscape contractors
- Independent contractors
- Subcontractors
- Project owners
- Project managers
- Engineering and architectural consultants
What Insurance Do You Need?
Most policies have a specified time limit that coincides with the length of your construction project. For example, a policy may cover your construction site for 90 or 180 days, or an entire year, depending on your project. Here are some of the standard coverage items you may receive:
- Fire
- Theft
- Hail
- Wind damage
- Lightning
- Vandalism
- Explosion
- Impact by Aircraft or vehicle damage
Other options you may be able to add to your policy include:
- Earthquake
- Flooding
- Acts of war – not usually included in insurance protection.
- Mechanical breakdown – you can insure your equipment separately for breakdown issues.
- Faulty design or workmanship – errors and omission coverage
- Debris removal
- Fees from the local fire department
- Sewer or septic backups
- Property in transit – inland marine coverage
- Landscape
- Other people’s property
- Liability coverage – your standard liability insurance may not be extended to partially completed projects.
- Coverage for subcontractors – this does not usually include subcontractor work, and they may need their own builders risk policy.
If you would like to learn more about Builders Risk Insurance or you would like a review of your current insurance coverage call, click, or visit to see what Huestis Insurance Group can do for you.
Huestis Insurance Group is made up of community based insurance agencies located right in your neighborhood. We are local people who understand your insurance needs. We offer you Service, Choice, and Advice with the backing of Canada’s largest insurance companies.
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