Are you building something without insuring your construction site and materials? Shame on you! Everything in life has its risks, and erecting a new home or business (or even adding on to an existing building) can be extremely risky. Do yourself a huge favor and look into the wonderful world of builders insurance.
Contractors insurance can give you peace of mind knowing that your construction project is covered from day one, so that no matter what happens, you won’t lose any money unnecessarily. People may become injured on your site, and if you don’t have this type of coverage, you may find yourself having to pay their medical bills or having to fight them in court. Also, materials might be stolen or vandalized. Again, this kind of insurance can cover you so that you don’t suffer any unnecessary loss.
Policies can run up as high as you need – hundreds of thousands of dollars, or even millions. The first step is to ask yourself a few tough questions. Answering the following questions can help you determine the precise level of coverage you need for your building project.- If an unexpected cost arises, how much will I have to pay if I’m uninsured?
- Whose insurance would cover my losses if this construction effort is delayed or cancelled?
- What can I do if a large amount of construction materials is stolen or damaged on my site? Who will be able to pay the replacement or repair costs?
- If a worker is hurt on the job at my site but doesn’t have any workers insurance, who will pay for his injury and sick time?
These questions should make you think twice before you decide not to pay for insurance for your building project. It will be worth it in the short run as well as the long run to have this critical insurance. Also, make sure that you get proof of insurance from any and all subcontractors who come to work on your site. They should all have liability as well as workers compensation protection.
Look on the Web for the best rates and highest coverage levels. Get free quotes online or by phone and go with the company that will legitimately cover you the most while charging you the least each month. We hope that your project is a safe and well-insured one!