Builder’s liability insurance is a unique form of insurance for the construction industry, but it’s not a replacement for your traditional general liability policy. That policy is still needed to protect your workers and equipment while you’re on the job. Instead of replacing that policy, builders liability insurance policy coverages are typically written to provide additional protection only needed by construction businesses.
Protect Temporary Structures and Fixtures
Often, you need to erect temporary sheds and other facilities for your operation on-site to complete a project. That includes additional scaffolding structures to provide worker access to the entire superstructure as it goes up. Your builders liability policy protects you from losses when those structures are damaged and from expenses related to liabilities those structures create. It also covers fixtures and pieces of the building that are prefabricated and later installed in place, like the light fixtures you buy from suppliers.
Long-Term Building Protection
As you work, you also need protection from damage to the building you’re working on, especially when it’s a renovation project and your operations have the potential to cause damage or disruption to the surroundings while you work. It’s also important for new construction, but the risk profile is a little different. To get a policy that fits your project well, you need to work with a carrier that really understands the construction industry.