Builders Risk Insurance in Indianapolis, IN
Commercial contractors must have strong insurance coverage to financially protect their business assets and ongoing construction projects. This can include property insurance that not only covers items at their main office but also materials and equipment stored at various job sites. To confirm this level of protection, adding builders risk insurance to their policy is often essential.
What is Builders Risk Insurance?
Contractors are responsible for executing construction work and verifying that projects are completed on time, accurately and within budget. However, unexpected challenges can arise at any stage, potentially causing delays and financial setbacks. Builders risk insurance can offer vital financial protection in these situations, helping contractors manage risks and protect the interests of multiple parties involved in the project.
What Does Builders Risk Insurance Cover?
Builders risk insurance is designed to support both contractors and property owners during construction. Coverage can be tailored to the specific needs of a project and may include coverage for the following:
- New construction—Builders risk insurance can help protect new builds from the start of construction through to completion.
- Remodeling projects—Builders risk insurance can help cover damage to properties undergoing renovations, such as additions or interior upgrades.
- Installation—Builders risk insurance can apply to materials and equipment stored on-site before they are installed. If these items are damaged or stolen, this coverage can help with the associated costs.
Some policies may also offer premises liability coverage, which can help financially protect against third-party injuries or property damage at the job site. However, this may also be included under other liability components of a commercial insurance policy.
Learn More
To explore builders risk insurance options in your area, contact Luevanos Insurance Agency.