Builder’s Risk Insurance Should Be Mandatory - Farmer Brown Insurance Agency - Contractor Talk

Builder’s Risk Insurance Should Be Mandatory

 
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Old 05-27-2020, 09:27 AM   #1
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Builder’s Risk Insurance Should Be Mandatory


Builder’s Risk Insurance Should Be Mandatory

Why don’t you think about yourself for once? Roofing contractors know to protect themselves against third party claims. Besides, General Liability Insurance is mandatory in almost every state. In fact, you are unlikely to be allowed on site without this protection. Clients aren’t interested in any financial loss that occurs to them whilst you are working on their project.

You’ve got it covered, right?

You may reckon that General Liability coverage is all there is to insurance. You’ve covered your business for third party claims like property damage or bodily injury. Included in your General Liability insurance is coverage for things you may not have even thought of. Like if a client sues you for including them in a promo shot without their permission. This could easily have been a genuine mistake, but it could still result in a claim.

Nevertheless, this liability insurance is just coverage for third party claims so that your business doesn’t have to pay for the claim.What does this mean to you?

But, what about your roofing business?

Have you ever wondered whether there is a way to protect your roofing business from the impact of mishaps to your business directly? These also threaten your profits.

Our advice is not to start to thinking about all the things your General Liability Insurance doesn’t cover, unless you’re ready to do something about it. Otherwise you’ll end up having sleepless nights worrying about all the things that threaten your profits.

3 Benefits of Builder’s Risk Insurance

However, may be ready your roofing company from the following. Let’s look at 3 of the most important benefits:
1) Property Replacement. The most important coverage Builder’s Risk Insurance provides is replacement cost coverage equal to the value of the property lost. (A word of caution: you must value the project correctly before purchasing your Builder’s Risk Insurance.)

2) Profits. Say you could be reimbursed for a percentage of profit earned as of the date of the loss. Would you breathe easier knowing you have this kind of coverage?

3) Theft or damage of Materials or Equipment. Contractors often store building materials and tools. With Builder’s Risk Insurance these items that will be used in the course of the project are covered while they are being stored or in transit to the job-site.
Is Builder’s Risk Insurance right for all contractors?

Many contractors have benefited from Builder’s Risk coverage, but not everyone thinks it is worth the additional cost. Your insurance coverage is part of the cost of doing business. Some contractors think of it as a grudge purchase. They know the law requires them to have General Liability and Workers Compensation, but they resent having to buy it.

Is it good for your roofing business?

If you’d like to explore whether Builder’s Risk Insurance is right for your roofing business, speak with our agents at Contractors Liability. Our company name tells you exactly what we do. We specialize in insurance coverage for contractors. Call today on 866-225-1950

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Last edited by roofermann; 05-28-2020 at 04:31 PM.
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