Construction Insurance

Protect Your Investment in Construction

Buildings are subject to many different risks while under construction, such as fire, wind, theft and many more. A Builders Risk policy protects the builder from the high costs associated with these risks, and it is purchased by the custom builder, general contractor or the property owner. Some construction projects in the Rochester NY area even require builders risk insurance.

Coverage should be effective prior to when construction materials are delivered to the job site. And it should end upon the building’s sale, occupancy or the policy expiration date. Following is a list of common builders risk protections:

• •  Construction materials and tools in transit designated for the renovation, remodel or construction;
• •  Construction materials and tools at the job site before they are installed;
• •  The cost of skilled laborers and equipment; and
• •  The value of the property being constructed until it is complete.

The Alliance Group of Western NY provides Rochester NY area builders and property owners with comprehensive and affordable builders risk insurance coverage. We learn about your project to develop an insurance policy customized for the coverage amount and length of time that is needed

What is construction insurance?

Construction professionals and contractors are faced with daily risks of jobsite hazards and equipment damage. Construction insurance is designed to help you maintain a safe worksite and team of employees and can provide protection for materials, natural disasters and your own business.

However, construction companies often need specialized policies for complete coverage. Contractors, carpenters, homebuilders, remodelers, plumbers, electricians, handymen and other professionals in the construction industry can benefit from such specialized insurance policies.

What types of construction insurance are available?

Construction professionals work with heavy machinery and equipment that can break down or injure workers. For this reason, standard commercial insurance policies, along with specialized policies, are necessary for comprehensive coverage. Some of the most common policies needed by construction professionals include the following:

• General liability insurance: Could cover liability costs if individuals unassociated with your business experience injury or property damage on your worksite.
• Professional liability insurance: Also called errors and omissions insurance, this policy could protect you from third-party claims of error and/or negligence.
• Commercial vehicle insurance: Could cover any business-owned vehicles or personal vehicles used on behalf of a business and the associated liability of such use. This can include cars, trucks, vans, cement mixers, etc.
• Loss of income insurance: Could cover a loss of income within policy limits resulting from business interruption.
• Builder’s risk insurance: Could cover property damage on worksites while under construction, which may also include construction materials prior to installation.
• Workers’ compensation: Could compensate employees who are injured on the job for medical expenses and partial wage replacement.

For a free consultation on a builders risk policy for your Rochester NY area business, contact The Alliance Group of Western NY today. Contact us or call us at (585) 388-8001.