Protect Your Construction Business with Builders Risk Insurance

Builders Risk Policy in New Jersey
A Builders Risk Policy in New Jersey does not cover all liabilities a business is subject to during the course of construction. A comprehensive insurance plan can cover the business beyond what's included in the builders risk policy such as workers compensation, employment practices liability, errors and omissions liability and general liability.

Buildings under construction have slightly different risks and liabilities from general business operations. The insurance portfolio should reflect those differences to ensure the company is protected from loss. General liability policies don’t necessarily cover the additional risks of building renovation or new construction. If you need a Builders Risk Policy in New Jersey look for a policy that provides businesses added protection for equipment, materials and fixtures. Keep in mind you’ll want loss coverage for items not yet installed and those en route to a job site.

Covered Exposures

Policies usually cover installation, new construction and remodeling projects and the project items awaiting installation. Additionally, policies come in different coverage options from blanket policies to single-project/single-installation projects. Most builders risk policies typically cover some or all of the following:

  • Windstorm
  • Earthquake
  • Business income and added expenses
  • Soft costs
  • Damage to construction material
  • Theft
  • Ordinance and law
  • Vandalism

Limited Liabilities

A Builders Risk Policy in New Jersey does not cover all liabilities a business is subject to during the course of construction. A comprehensive insurance plan can cover the business beyond what’s included in the builders risk policy such as workers compensation, employment practices liability, errors and omissions liability and general liability. Keep your firm protected from things outside of your control. The insurance policies can save the business time and money in the long run.