Builder's Risk Insurance - Westminster, MD
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As a commercial contractor, it’s crucial for you to have sufficient insurance benefits that can safeguard both your own commercial assets and current construction projects. In particular, it’s not enough for your property insurance to only offer protection for your office belongings. Rather, this insurance should also apply to the materials, equipment and other property located at job sites. That’s where builder’s risk insurance can help.
Put simply, builder’s risk insurance can provide assistance in the event that property damage occurs during a construction project. Your builder’s risk insurance policy should be reliable and personalized to your specific risks. is here to help you secure a customized policy—giving you the security needed to complete projects successfully.
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Common Builder’s Risk Insurance Questions
Contractors like yourself are primarily responsible for carrying out some form of construction, whether that entails a general task or a more specialized project. That being said, you must ensure that projects get completed correctly, in a timely manner and within the anticipated budget.
Nevertheless, a wide range of potential property damage issues could disrupt project operations, resulting in significant delays and added costs. In these circumstances, a builder’s risk insurance policy can be utilized in order to protect the interests of both yourself and any other parties associated with the project—such as the property owner, architects and other contractors.
Builder’s risk insurance can offer assistance to contractors and individual property owners who are managing their own construction projects. There are several sub-specifications of coverage available to address the needs of different parties. This includes the following:
New construction insurance pertains to new construction projects and can apply from the moment you start your work on the property. It will apply until you complete the project.
Remodeling insurance covers damage occurring to a property that is undergoing renovation. So, if you are revamping a master suite, this coverage can assist you during the process.
Installation insurance covers property before it gets installed into a permanent place. For example, if a contractor stores material at a job site, and the materials that they plan to use get stolen or damaged, this coverage will pay for your recovery costs.
Further, some builder’s risk insurance policies also offer premises liability insurance. This coverage will pay for bodily injuries or property damage that you may negligently inflict upon third parties throughout construction—including visitors to the job site. Yet, keep in mind that other types of liability coverage within your greater commercial insurance portfolio may also be able to provide such protection.
Builder’s risk insurance can be useful for a variety of individuals. Apart from assisting contractors, this coverage can also offer protection for other businesses or homeowners who are looking to manage their own construction projects. In other words, any party that has invested in a construction project should consider purchasing this form of insurance.
Take note that it’s important to have a builder’s risk insurance policy secured prior to the beginning of a project. In addition, if you sign a contract pertaining to the construction project, you will typically be required to have this coverage in place at the time that the contract period starts.
The cost of your builder’s risk insurance policy will be dependent on several different elements. Regardless, your trusted agent will make every effort to secure an affordable policy that adequately addresses your particular needs.
Additionally, remember that builder’s risk coverage isn’t the only commercial insurance policy that a contractor like yourself should have. Various forms of coverage—including standard property, commercial auto, general liability and workers’ compensation insurance—are all considered key purchases when it comes to fully protecting your business.
You aren’t alone in navigating your commercial insurance needs. The experts Saratoga Insurance Brokers at are available to assist you in finding the appropriate builder’s risk policy catered to your specific risks. We are dedicated to helping you keep your business comprehensively covered and protected.