Builders risk insurance is a type of commercial insurance that protects the materials and equipment left at a construction site before, during and after the completion of a construction or renovation project. Also known of course as construction insurance, but not to be confused with construction general liability insurance (which covers injuries and property damage), builders risk insurance is must-have coverage for many different types of companies in Minnesota, including:
- Construction companies
- Builders
- Contractors
- Retail companies
- School districts
- Development companies
- Investors
- House flippers
What Does Builders Risk Insurance Cover?
Builders risk insurance generally covers a variety of projects taken on by companies, including new construction, renovation, installation and more. These policies can be set up as a one-time, location-specific project deal or as a blanket policy that covers a company for a set period of time.
The policies of builders risk insurance can cover everything from the construction materials and equipment left at a project site to temporary structures, scaffolding, fencing and even signage. Soft costs that arise from delayed projects due to loss of materials/equipment can also be included. Depending on the plan that is created, builders risk insurance can cover these many items in the events of vandalism and theft, fire, flood, storm damage, and other causes of loss and damage. These types of commercial insurance typically do not cover accidents or injuries on the workplace site, terrorism, normal wear and tear on equipment, breakdowns, manufacturing defects and employee theft.
It should also be noted that any subcontractors will be responsible for obtaining their own builders risk insurance while working on the project site.
Obtain Minnesota Builders Risk Insurance
Have a project to complete in Minnesota? Are you a contractor, construction company or any other business that works with construction sites? Builders risk insurance is likely right for your business. Our commercial insurance experts here at The Patrick J. Thomas Agency can help you create a plan (and even get you bonded) that is right for your business. Contact our team today for a Minnesota builders risk insurance policy quote.