Builder's Risk Insurance - Westminster, MD
Builder's Risk Quote
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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What Is Builders Risk Insurance?
Builders risk insurance is a type of property insurance that helps financially cover buildings under construction. This insurance can typically be tailored to your needs because each construction business and project has unique risks. Builders risk insurance can be essential for covering construction projects; without it, your business may have to pay for costly incidents out of pocket, which could derail the project. An incident without insurance may also affect your company’s reputation and your ability to book future projects.
What Does Builders Risk Insurance Cover?
Builders risk insurance can help protect construction projects financially from expenses related to property damage at the site caused by the following:
- Fire
- Lightning
- Hail
- Hurricanes
- Explosions
- Theft
- Vandalism
Customized extensions can be added for the following:
- Scaffolding
- Construction documents
- Temporary structures
- Costs associated with construction delays
Who Needs Builders Risk Coverage?
Builders risk insurance is essential coverage for any party with a financial interest in a property under construction or being renovated. This could include the building owners, architects, engineers, lenders, contractors and subcontractors. Depending on the project and its contract, the general contractor or property owner may be responsible for securing the builders risk policy, and they may include others (e.g., subcontractors) in the policy.
Contact Saratoga Insurance Brokers to determine if builders insurance applies to your business. We can help ensure that your organization has a robust insurance policy to cover unexpected incidents that may come your way.
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