For a construction company of any kind, there are a variety of different types of insurance and other forms of protection that you'll either need to have, based upon legal requirements, or want to have, in order to fully protect yourself. Depending on your region, you may have different needs for professional licensing, business bonding and more, and when finding new projects, you may have a need for bid bonds.
Another key area you'll need to be familiar with is builder's risk insurance, also known a builders liability coverage. Here, you'll learn more about builder's risk protection, what it is, and what it really means for you and your construction business.
Builder's risk insurance is a form of property insurance which guards a person's, or company's, interests against damage towards a building which is in construction, or in renovation. This includes damage to the actual building, as well as the materials being used in its construction, and even the equipment being used to protect the job. In most cases, builders liability includes protection both for damage to all of the above, as well as to physical loss.
Specific areas or events in which builder's risk provides protection include fire, wind and certain types of storm damage, and a wide range of unavoidable or natural accidents and occurrences. Additionally, builders liability insurance protects against theft and vandalism, although an important note to keep in mind is that this may not include theft or vandalism which is perpetrated by employees.
Also keep in mind that certain additional types of coverage may be needed depending on where you're located. For instance, builder's risk does not typically guard against hurricane or flood damage, both of which are major concerns for construction companies in the state of Florida, as well as various other locations.
Most builder's risk policies are for short-term lengths, including three and six month plans. They also have the option to be easily renewed at the end of the original term, which is important for construction as there may be any number of delays along the way towards the completion of a project.
Hopefully you've learned more about builder's risk insurance, what it means, how it works, and how it can help you and your construction business stay ahead, and stay protected through an array of different circumstances. Be sure to consult with a professional before making any decisions, but never let yourself be caught unprepared when the future of your business is at stake.
John Rothschild is the owner of ACI Insurance Services, a leading provider of surety bonds in Florida for more than 10 years. ACI is known for their customer service, their extensive experience and knowledge of the industry, and their affordable rates, and they'll do everything they can to meet the needs of their clients.
Another key area you'll need to be familiar with is builder's risk insurance, also known a builders liability coverage. Here, you'll learn more about builder's risk protection, what it is, and what it really means for you and your construction business.
Builder's risk insurance is a form of property insurance which guards a person's, or company's, interests against damage towards a building which is in construction, or in renovation. This includes damage to the actual building, as well as the materials being used in its construction, and even the equipment being used to protect the job. In most cases, builders liability includes protection both for damage to all of the above, as well as to physical loss.
Specific areas or events in which builder's risk provides protection include fire, wind and certain types of storm damage, and a wide range of unavoidable or natural accidents and occurrences. Additionally, builders liability insurance protects against theft and vandalism, although an important note to keep in mind is that this may not include theft or vandalism which is perpetrated by employees.
Also keep in mind that certain additional types of coverage may be needed depending on where you're located. For instance, builder's risk does not typically guard against hurricane or flood damage, both of which are major concerns for construction companies in the state of Florida, as well as various other locations.
Most builder's risk policies are for short-term lengths, including three and six month plans. They also have the option to be easily renewed at the end of the original term, which is important for construction as there may be any number of delays along the way towards the completion of a project.
Hopefully you've learned more about builder's risk insurance, what it means, how it works, and how it can help you and your construction business stay ahead, and stay protected through an array of different circumstances. Be sure to consult with a professional before making any decisions, but never let yourself be caught unprepared when the future of your business is at stake.
John Rothschild is the owner of ACI Insurance Services, a leading provider of surety bonds in Florida for more than 10 years. ACI is known for their customer service, their extensive experience and knowledge of the industry, and their affordable rates, and they'll do everything they can to meet the needs of their clients.
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