How can you protect your general contractor profits? In construction, winning contracts is one thing. Making money off those contracts is another matter entirely. Moreover, cost overruns, damages, liability claims, injuries and loss of materials or tools are ways in which a project can bleed money. You’re in business to make a living, so, let’s look at what steps you can you take to protect your general contractor profits.
Construction Insurance for Contractors
Having a good Contractor Liability and Workers Compensation coverage protects you from third-party claims. Consequently, it also caters to your employees in case of injuries on the job. But what about the building under construction? Should you pay for damages out of pocket? With the right Builder’s Risk in Phoenix, AZ, you can rest assured that damages or losses during construction will be compensated. Therefore, you keep your general contractor profits, instead of spending them on repairs or rebuilding.
Builder’s Risk coverage for general contractors
Builder’s Risk Insurance will provide compensation for damages or losses due to theft, fires, vandalism, and extreme weather events such as hail or thunderstorm winds.
For example, you live and work in a state which is prone to wildfires. These are becoming more severe every year in Arizona. A 2019 survey of the state highlighted that 8% of structures are vulnerable to wildfires. They can raze structures to the ground or cause extensive smoke damage, or damage to utility lines and landscaping.
Builder’s Risk protects your general contractor profits
- By compensating you for the cost of repair or rebuilding, up to the full value of the building, not including the cost of the land.
- By compensating you for the cost of debris removal and clean-up. Clean-up after damage to a construction site can be expensive and slow. With a Builder’s Risk coverage, funds are released faster. This mean fewer delays are experienced before rebuilding or repairs can start.
- By compensating you for construction materials’ damage. Or loss of materials if they are stored off-site, or suffer damage or loss in transit.
- By compensating for lost profits because of delays caused by a covered damage or loss.
- By compensating you for soft costs incurred in the course of rebuilding or repair. Soft costs include legal, architectural, and financial fees.
- By compensating for the cost or removal of biohazardous material contaminating the construction site.
- By compensating for extra costs incurred in the event of changes in building ordinances or laws in the course of the construction.
Protect your general contractor profits today
You can protect your general contractor profits with Farmer Brown Insurance today. We represent over 18 national and regional carriers. We give you a selection of options your local agent does not have access to. Our experienced and knowledgeable agents will give you three quotes to choose from, all within as little as an hour. You’re looking to get the most affordable Builder’s Risk in Phoenix, AZ best tailored for your general contractor business, right? So, call us today on (888) 973-0016