Builders insurance covers buildings during the construction process. With builders insurance your construction project will be covered against theft, fire, vandalism and wind damage. It is needed but often overlooked. Not having coverage could end up being very costly. Knowing that you are covered will give you peace of mind. You do not want to face the full cost of recovering lost equipment and supplies should disaster strike.
Construction site theft has been on the rise. Supplies and equipment are expensive and thieves have taken notice. Construction equipment is easy to steal and resell on the black-market. Some sources estimate that over $500 million worth of equipment have been lost due to theft. This figure does not even account for profit loss due to decreased productivity.
The national fire protection administration reports that $9.5 billion in property damage was done in 2013 alone. Fire can strike at any time and result in heavy repair costs. Fires can be caused by many factors including electrical issues or flammable objects around the construction site.
Millions are lost each year due to vandalism. Preventative measures such as placing a fence, or installing lights and surveillance equipment can be taken but are not guaranteed to deter vandals. Some of the motivating factors that lead to vandalism are peer pressure, aggression and mental instability. Vandalism effects both profits and morale.
Wind damage is another threat to construction sites. Strong winds and occur almost anywhere and are a threat to both supplies and equipment. Depending on your location they can take the form of strong storms, tornados or hurricanes. However, even wind gusts of 35 MPG can cause damage and repairs can be very costly. Click here for more information.
Builders insurance provides protection against these very real threats. Getting caught without builders insurance in a disaster could be financially debilitating and the cost of repairs could put a huge strain on profits. Make sure your construction site is covered from these very real threats. Click here for more info.