How will Construction Insurance help protect your business? 1 Billion dollars worth of equipment and tools stolen from construction sites each year. The NCIB also states fewer than 20% recoveries. While most thefts happen by opportunistic thieves, some are more carefully planned. Construction Insurance will help protect you against the financial loss from theft.
Introducing new safety procedures and installing GPS on larger pieces of equipment can reduce the risk of a total loss. Unfortunately, it may not prevent theft entirely. That’s why having sufficient coverage is a necessary part of your business. And, makes perfect sense for your business too.
How Will Construction Insurance Protect You From Theft?
Builder’s Risk coverage protects you against financial loss caused by storms, vandalism, minor flooding, fires, and, crucially, theft. It can also offer:
- Coverage for Tools When Lost
- Cover for Equipment When Stolen
- Coverage for Materials When Lost or Damaged
- Cover for Building’s Undergoing Repairs or Renovation
- Coverage for Labor Costs and Profit Loss Because of Delays
Construction Insurance For Theft
Theft costs the biggest construction firms $100 million per year. And that doesn’t include independent contractors or smaller construction companies. It’s an astounding number and increases annually. Even though you include additional security measures to combat theft, it still happens. Remember, construction tools and equipment are in high demand and easy to move on.
It’s likely you’ll store the majority of your tools and equipment onsite at the end of each working day. If a theft occurs, your equipment’s protected. For example, two generators and a few small tools stolen overnight. Construction Insurance can help to replace the stolen equipment. If you have valued your equipment at $10,000 and the items stolen equal to $5,000, you’d get the full value to replace those items. Left out-of-pocket doesn’t occur, and you can continue to work as usual.
Theft During Transit
While most tools and equipment are left onsite, some items may have to be stored elsewhere until they’re needed. Some Builder’s Risk policies can include temporary stored equipment and materials offsite. All equipment’s listed on the policy and used on your current project. And it’s protected during transport.
For example, you’re moving forklifts and other tools to the site. During transportation, the driver pulls over to use the restroom and the truck’s stolen. It’s possible the equipment’s protected in the policy. It’s the same if the theft occurs onsite. Even though the forklift is no longer required, until it’s physically removed from the site, it’s covered.
Protection For Equipment Theft
Equipment theft is increasing. It’s easy to move and pretty valuable too. And that’s why Builder’s Risk and Construction Insurance will protect your business. Contractors and businesses have coverage should any equipment or tools stolen from the building site. You benefit because there’s coverage for the value of the tools.. If they’re stolen, you get the value to replace them. It benefits your business. It prevents you from being financially affected.
Let Farmer Brown Insurance help you. Call (888) 973-0016 and get a free quote.