Why is Builder’s Risk Insurance so important?
Imagine you are a contractor on your way to a job site and as you pull up, you suddenly realize the building is on fire and all your equipment inside the has been ruined. What do you do now? This is how you make your living and you can’t run your business without this equipment, but there is no way you can afford to buy all new equipment right out of your pocket. You call your insurance company to make sure your Builder’s Risk Insurance policy will cover your equipment, and you are in luck, you are covered!
Builder’s Risk Insurance is a type of property insurance that protects a company’s materials and/or equipment in case of damage while the project is under construction. When buildings are under construction, they are liable to many different risks including fire, damage from high winds, injured workers and many other situations. Builder’s Risk Insurance covers incidents such as fire, wind, burglary, and many more. However, it generally does not cover incidents like natural disasters, unless the policy has been approved to do so.
Harrington Insurance Agency works to provide you with a Builder’s Risk Insurance policy that can be customized to cover your material, machinery, workers and the architecture.