Between workplace injuries, damage to important equipment, claims, and potential court fees and more, construction contractors face a number of professional liabilities and risks that could be partly covered through a comprehensive builders risk policy. You may have heard of general liability insurance before, but builders’ risk takes it a step further to offer you protections specific to building and construction that you might not find bundled together elsewhere.
Builder’s Risk Coverage Gets Detailed and Specific to Your Construction Projects
One of the biggest advantages to builder’s risk coverage is that you can get very detailed in your policy about risks concerning your specific types of projects. For instance, you could potentially cover:
- The scaffolding on projects
- Your equipment or construction supplies
- Your buildings
With General Liability, Third Parties Are Typically Covered
Getting a general liability policy will typically mean that damages to third parties are covered, whether in full or in part. Some of these damages include physical injuries or damages to company property, but the coverage may not be as specific as in a builders risk policy.
While general liability can offer any company some basic liability and risk coverage, for the events that can happen in the course of running a building business, you may want a more specific builders risk policy. By getting your risks covered, you can feel comfortable running your company without worrying about potential financial or legal harm.