Insurance

The Major Types Of Building Insurance

Before getting a builder’s risk insurance quote, it is of utmost importance that you perform due diligence when it comes to picking the right builder’s risk insurance policy. While policies change from state to state, pick one that is most likely to cover all the damages that you may most likely incur from unexpected circumstances. Spending a little extra will go a long way in ensuring that your building isn’t hit with severe setbacks that may incur financial losses on your resources. Here are the major forms of building coverage available. Pick the right policies based on your demands and requirements.

Builder’s Risk Insurance Policies

Also called course of construction insurance (COC), a builder’s risk insurance policy effectively covers buildings when they are under construction. So it tends to deal with things such as raw materials, foundations, fences, equipment, etc. It is often opted for when a new building is being constructed, an existing building is being renovated, or when a commercial property is being built. While basic policies should cover common causes of risk such as fire and vandalism, premium options let you protect yourself from a wide range of disasters and untoward incidents.

Workers’ Compensation Insurance Policies

This policy covers businesses and contractors in the unfortunate event that employees are injured at the workplace. It covers all sorts of costs, from missed wages, medical costs and recovery costs if necessary. Some states mandate the possession of this policy, so keep that in mind while perusing them.

Contractor General Liability Insurance Policies

Known as a commercial general liability policy in some regions, this form of insurance protects businesses in the event of bodily harm or property damage when a business is being run. This is opted for by property owners, construction companies and contractors alike. It is handy when it comes to protecting yourself from needless risks. It covers things like faulty workmanship or job-related injuries that may befall your contractors or subcontractors. Some states demand that you possess a general liability insurance policy, while others are lax about it. This is something one would need to purchase in addition to other policies, so think about these options before getting a residential builder’s risk insurance quote.

Commercial Auto Insurance Policies

Basically, this insurance covers cars and other vehicles used by businesses. It lets businesses and other policyholders protect themselves from vehicle damage costs, medical costs or law disputes that may emerge from accidents. Each policy varies in the liabilities covered. Some cover physical damage, while others are oriented towards medical payments. In fact, some insurance policies also insure you against damage by uninsured motorists.

While you don’t necessarily have to possess all the above policies, they can make a notable difference in the losses you may encounter in case an accident or untoward event occurs. Not everything is in your control, so it is wise to invest in a policy that can protect your employees and your equipment in the event of an emergency. Invest in the right policies today!

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