Our representatives at Allen Jones Insurance Agency in Seguin, TX, strongly recommend that anyone in the construction business invest in the right type of insurance to protect you and your company against certain costs. Contractors’ and builders’ risk insurance policies cover different types of losses, and having them both can be valuable for owners.
Builders Risk Insurance
Builders risk insurance covers materials, contractor equipment, and property related to a building’s construction. This includes losses due to issues including:
- Vandalism
- Theft
- Weather Damage
- Earthquakes
- Water Damage
- Mechanical Breakdown
Some policies can be extended to cover scaffolding, temporary structures, and debris removal after indices.
Contractors Insurance
Contractors’ general liability insurance protects policyholders against both property damage and bodily injuries at job sites. You’ll be protected if an injury occurs and any legal fees that accrue due to it. However, it doesn’t cover your equipment or property like builders’ risk insurance. Incidences include:
- Property damage caused by you or a crew member.
- Injuries to those injured on the property.
- Lawsuits due to libel, slander, false advertisement and infringement.
- Damage to a rented commercial space.
Builders Risk Insurance and Contractor Coverage: Which Policy Covers What?
General Contractors liability coverage may be required by law as a safeguard. The policy essentially covers any liability for work you or your subcontractors perform. It also protects company equipment, building materials, and structures. Builder’s risk insurance is also known as home builder’s, course of construction or contractor’s all-risk insurance that covers properties during construction projects, remodeling, and renovations.
Let Us Help You Get the Right Coverage
Our experienced agents at Allen Jones Insurance Agency in Seguin, TX, are here to help you get the coverage you need for your construction services. Contact us today to get a quote.
