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How does a winning contractor bounce back after a lawsuit? With building Insurance, of course. Thus, with mandatory General Liability Insurance, coverage against a whole range of common third party claims is provided. We’re talking about property damage through bodily injury through damage to your client or supplier’s reputation.  So that’s all you need, right?




Why General Liability isn’t enough

Even though your Contractors General Liability coverage gives protection for things you might not have thought of, they are still third party damages.  What are we talking about?  Consequently, there’s one kind of uncommon claim you’re protected against with Liability building insurance: advertising mistakes.

When other companies allege you infringed their copyrights, you could be in deep trouble. For instance, you used their logo in your social media, brochures or other advertising. Is it okay? Well, did you get written permission first? If you didn’t then you could face a claim against you.



Here’s a second chance to get better coverage 

Have you got coverage to replace your tools or equipment? Many contractors have only invested in those policies required by law, like General Liability Insurance and Workers Compensation. There are 2 common reasons for this oversight.


1. Building Insurance is expensive. But is it?

If you know where to look, you can buy cheap building insurance. Especially if you buy your policies under one Construction Insurance program. But even if you didn’t, you can still buy cheap insurance.  Therefore, buy from an established, national agency that works with the top carriers. Insurance companies like this get the best rates.


2. Your Insurance Company didn’t advise you

This is a shame. Contractors need more than just protection against third party claims. What about theft of your equipment? Or when the blueprints, schematics and electronic data is lost or destroyed in the course of conducting your business? General Liability won’t no help.  Builder’s Risk Insurance can restore and replace important documents and electronic data that were lost in a covered risk.



Winning Building Insurance combo

Contractors who invest in Builder’s Risk Insurance have a big advantage over contractors who don’t. Why is this?

Before we get there, consider that Builder’s Risk Insurance is also known as Course of Construction Insurance. With a name like this it makes sense that this is coverage for the specific project you are working on at the time. It can be a ground-up structure or a remodeling or renovation project.



About Builder’s Risk Insurance

Builder’s Risk is a short-term policy. It is specifically intended to protect against the risks that may arise during construction. It is property insurance that covers the value of the property under construction.

This includes certain materials and fixtures that will be incorporated into the completed project. It also gives coverage for your tools. Also for equipment and materials whether in transit to the building site or stored on the site, as long as they are intended for the project.

Two of the best benefits of Builder’s Risk insurance are below. You can get:

  • replacement cost coverage equal to the value of the property lost. (A word of caution: value the project correctly before purchasing your Builder’s Risk Insurance.)
  • a percentage of profit earned as of the date of the loss.



Update your building insurance today

John Brown President Farmer Brown Insurance (888) 973 0016

John Brown – President

If you’d like to explore these and other benefits of Builder’s Risk Insurance speak with our agents at Farmer Brown Insurance. We specialize in insurance coverage for construction companies. We can help. Call today on (888) 973-0016

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