Both commercial and residential building contractors face unique challenges and risks throughout the course of their business. The right types of insurance can help protect against those common risks, but as the team at SB One Insurance Agency points out, standard business insurance isn’t enough to protect against every risk contractors face.
Standard business insurance can help protect against the risks you share with other businesses. These include the following issues:
- Damage to clients’ property
- Work-related injuries
- Interruptions to your business
- General property damage to your office or headquarters
Traditional business insurance will protect against these issues adequately however, it won’t protect your build-site and the equipment you use at the site.
Protect Your Equipment On-the-Job
Standard business insurance doesn’t provide adequate protection to your equipment and the materials you use for each project. Builders’ liability insurance is designed to cover those items while they’re in use. If something happens to your tools and equipment at the job site, the policy will cover the cost of any necessary repairs or replacements.
The policy protects your business from loss due to fire, theft, weather, and other such qualifying events as outlined by your specific policy.
The policy is a supplemental coverage option you’ll need to purchase in addition to your standard business insurance policies and may expire upon completion of that particular project.
The only way to know which policies you truly need to protect your business is to speak with your insurance agent. They’ll help you assess your risks and find the right options for your needs.