Builders in the state of Pennsylvania/New Jersey have several reasons to take out insurance. There is a specific type of coverage offered by our agency called builder's risk coverage. This is most crucial during the construction of a building or new piece of property because it insures the structure itself during this time, as well as materials on the job site and equipment used by contractors. Without a builder's risk insurance policy, a business can take serious losses due to an accident during construction, theft, severe weather, or lawsuits.
If you are interested in obtaining a builder's insurance policy, it is important to have a conversation with an agent about specific coverage amounts. A builder's policy usually only covers up to the amount described in the policy, so it becomes necessary to obtain proper coverage relative to the total value of the structure and job site. There are also certain problems like water damage that are usually not covered by this kind of insurance, and your agent should fully disclose the kinds of losses that are not covered. Depending on the duration of your project, it is also sometimes necessary to extend coverage. This is because many construction projects are not completed on time, and any additional exposure during this time can be the responsibility of the property owner if the policy has lapsed. Any other businesses or subcontracts who are working on your property and job site will also need their own coverage, as your policy usually does not cover their losses.
If you own a construction company or other business in a similar industry in Pennsylvania/New Jersey, you can contact an agent at Eagle One Insurance Agency to receive more information or get coverage today. An experienced agent can explain all of the specifics of builder's insurance to you and recommend a policy based on your personal situation.