Project Owners and general contractors can protect their assets in a construction project during construction with the right contractor’s insurance policy in order. With builder’s risk insurance, your investments in time, materials, and equipment can be protected from accidental incidents which could jeopardize your project.

What is builders risk insurance?

Also known as Course of Construction, a Builder’s Risk policy provides you with unique property insurance coverage. Builders Risk insurance specifically protects a property under construction or remodeled. Builders Risk Insurance typically covers faulty work, injured workers, and other contractor liabilities. While Contractor General Liability Insurance covers your business itself, Coral Point Insurance Service’s Builder’s Risk can cover you if negligence is found at the jobsite.

It offers protection to anyone with a financial interest in an ongoing construction project, and best of all, you can get a policy for as little as 1% of the construction costs.

Builders Risk Insurance is intended to cover buildings during construction; from the beginning, when ground is broken, to the end, when the project is completed. Builders Risk can help to cover fire, theft, and vandalism. Builders Risk is typically required before work is started at the jobsite, in most cities in California and county municipalities, and usually required by banks. *Note: “Acts of God” such as earthquakes and floods are not usually covered with Builders Risk.

Coral Point Insurance Services can provide you with a free, quick & easy quote right now! Get a quote today online (Quote Now) or contact us at (800) 962-0054, to get your Quick & Easy Builders Risk or other Contractor Insurance quotes.

Who needs it?

Contractors, subcontractors and independent tradesman should carry commercial insurance. It not only protects your business, but it is often a requirement by many employers before you can start working for them. Common trades that need contractors insurance include:

  • General contractor
  • Subcontractors
  • The property owner
  • Architects
  • Lenders
  • Lenders funding construction works

It’s always good to have insurance in case of accidents, even if it isn’t required contractually.

How much does it cost?

One of the most significant factors that affects your builders risk insurance and contractors insurance rate is the type of work that’s involved in your specific trade. For example, roofing contractor are exposed to more risks that an HVAC technician isn’t, and vice versa.

Other things that affect the cost of contractors insurance are employees, coverage needs, vehicles, location and claims history.

At Coral Point Insurance we specialize in customizing your quote to match your specific business needs which allows us guarantee you the most accurate quote, with the best coverage at the greatest rate.

Basic Coverages

  • General Liability (GL): often referred to as business liability insurance, is coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations. Typically needed before a contractor can begin work on a job
  • Commercial Auto: Commercial auto insurance is liability and physical damage protection for vehicles, such as cars, trucks and vans, that are used for business. Commercial vehicles require a separate policy because they’re typically exposed to more risk than personal vehicles. You have the choice to cover attached equipment such as ladder racks and permanently attached tool boxes. Individual tools and materials usually aren’t covered under this policy.

Other coverages contractors might need

  • Business Owners Policy (BOP): Packages contractors liability and coverage for personal property and commercial buildings into one policy.
  • Workers’ Compensation: Protects if your employees become ill or injured while at work.