Contractors often think the primary purpose of insurance is protecting their business against lawsuits, but this isn’t its only function. Any construction project should also have specialized coverage for insurable assets such as equipment, the job site and more. A builder’s risk policy for New Jersey job sites protects your business from potential shut-downs and other costly problems.
Any new construction project is exciting. You’re putting plans into action and creating something new; however, without builders’ risk coverage the job is at risk every day. Damage to your equipment, fire, theft of materials or vandalism are all problems that could slow down or even shut down your work until you can replace the equipment or clean up the site.
A builder’s risk policy in New Jersey can also provide financial protection for others the contractor. The eventual owner of the property and any banks or lending institutions for the project can also be covered by the right contractor’s risk policy.
Investing in builder’s risk coverage will keep your project on track by protecting you against unexpected and expensive setbacks.