Builders Risk Insurance in Columbus OH, Cleveland OH and Cincinnati OH
The construction industry is consistently rated as one of the most dangerous among U.S. employers. As a construction firm, your daily operations may include many risks and perils, including using heavy machinery, working at height, dealing with hazardous materials and moving vehicles. Furthermore, your company may often be held to stringent timelines that could be disrupted by even a slight accident or error, leading to significant financial losses. Given these stakes, your firm should prioritize implementing adequate loss control measures, including builder’s risk insurance.
What Is Builder’s Risk Insurance?
Builder’s risk insurance is integral to many construction companies’ insurance portfolios. This coverage, also known as course of construction insurance, may provide critical financial protection from incidents involving projects in progress, including new structures being built from the ground up and buildings being renovated. Without this coverage, accidents or errors affecting partially completed structures could incur devastating costs that your business may need to pay out of pocket.
What Does Builder’s Risk Insurance Cover?
Builder’s risk insurance coverages vary by insurer and policy. Generally, this insurance may provide critical financial assistance in response to many common perils that could affect your job sites, such as fires, severe weather, explosions and criminal activity. Although the specific capabilities and limitations of your policy can vary, coverage may include financial protection for the following:
- Structures under construction
- Important documents (e.g., blueprints, specifications)
Who Buys Builder’s Risk Insurance?
Purchasing and maintaining builder’s risk insurance is often entrusted to a project’s general contractor. However, another party, such as the property owner, may sometimes be responsible for doing so. Regardless of who purchases the policy and is listed as the primary insured, all parties with financial interests in the project should generally be listed on the policy.
How Much Builder’s Risk Insurance Do I Need?
Your builder’s risk insurance needs may vary significantly depending on the project details and your organization’s unique circumstances. Generally, an adequate builder’s risk insurance policy should include coverage limits that cover the estimated total construction cost. The higher the project cost, the more coverage you may need.
Get the Right Coverage
At ProtectALL Insurance, we are committed to helping businesses, families and individuals in the Dublin and Mayfield Heights areas acquire optimal coverage. Our agents will work with you to assemble insurance policies to secure your finances and future. Contact us today to get started.