Construction projects bring inherent risks, regardless of their scope or scale. While having proper employee benefits and workers compensation is important, having proper builder's risk coverage in place acts as the foundation of your risk management program.
If you're a property owner, general contractor, subcontractor, lender, architect, or other professional that is financially involved in an ongoing construction project, builder's risk mitigates the threat of project failure in the case of an accident.
The primary focus of a builder's risk insurance policy is the structure that is under construction, but its coverage goes further. On-site materials, supplies, and equipment are also covered under many policies. Additionally, in the case of project downtime, it may help cushion that financial blow. Lost sales, rental income, additional interest on loans, and real estate taxes are often covered by builder's risk insurance.
The overall cost varies from between situations. Policyholders may need more or less coverage depending on the value covered structures and materials, the cost of the project itself, and more.
Asking questions is the most important step towards gaining a deeper understanding of a project, its team, and its insurance coverage needs. Lowry Insurance takes the time to work with you, analyzing each project and protecting its unique features. From commercial construction to residential renovations, our team provides comprehensive coverage that you can count on.