Operating a business within the construction industry can bring about a number of challenges. In order for you to face the many risks that wait just around the corner, it is important that you understand what makes for a solid insurance package. Taking out a policy that covers all of the most common risks associated with your industry can give you the peace of mind you require. Of course, you first need to know the difference between key policies like builders risk vs property insurance.
The Main Differences
Essentially, builders risk insurance is a type of policy that covers the materials, equipment, and property associated with a specific construction project. This usually comes in handy when it comes to natural forces or serious weather patterns. Builders risk will typically cover against hail, lightning and fire. It will also usually cover theft, vandalism, and any damage caused by a vehicle unrelated to your business. Property insurance is essentially the same thing, but it can offer added protection for more complex jobs. Factors to consider with your insurance plan include:
• Workers’ compensation coverage
• Duration of the project
• Number of employees and subcontractors
Conduct Plenty of Research
By giving yourself ample time to research tie differences between key insurance policy options, you can figure out which match is the right one for you. Look over the details and discover how to protect your assets from the unknown.