1). Get to Know the “Big 7” Things That Should Be Covered
As a building contractor, you have a number of “moving parts” in your business and these parts can break and cause potential liability at any time. A quality builders insurance policy will have these “big 7” factors covered. These “big 7” factors include business personal property insurance, building property insurance, business liability insurance, completed operations coverage, mobile equipment insurance, an installation floater and property of others coverage.
2). Customize Your Policy to Meet Your Specific Needs
Not all building contractor businesses are the same. Therefore, you need to make sure that you can customize your coverage to fit your needs. For instance, you can get “loss of income” coverage in case your operations are suspended. You can also get “Data compromise and identity restoration” coverage in case of a data breach. Other customizable policies include “hired auto” coverage and “Ordinance of Law” coverage.
3). Consider the Worst Case Scenerio
There is a saying, “What can go wrong, will go wrong.” Therefore, you need to make sure that your building contractors insurance will have you covered during the worst case scenario. What if you have an accident on the way to the job site? What if the job site is affected by a natural disaster. Consider each of these factors and see if your policy will cover such an event.
4). Make Sure You Have The Required Insurance
Every building contractor is required to have a minimal amount of insurance. Make sure that you have enough required coverage for your area. In most cases, you will need to have general liability insurance, workers’ compensation, third-party liability, and auto insurance.
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Our agency can provide an instant quote for any building contracting coverage that you need. We can provide all the required coverage that you need plus additional coverage customize built around your specific needs. Contact us today. We look forward to serving your business.