Your Guide to Home-Based Business Insurance

Here at St. Clair Insurance Brokers Inc., we want to help you protect yourself and your business from as many risks as possible. If you work in the construction industry or plan to hire a contractor, you should consider buying a builders’ risk insurance policy. To help you decide whether this is right for you, we’ll cover some key things you need to know about builders’ risk insurance.

What is Builders’ Risk Insurance?

To start, builders’ risk insurance protects your (or your organization’s) insurable interest in the materials, fixtures, and equipment used during the construction process. If any building materials, tools, appliances, etc. become damaged at any point during construction, this policy will help protect you from the financial fallout.

What Projects are Eligible?

In general, these policies are available for ground-up new construction, remodeling projects, and even more localized installation efforts. They are available for both residential and commercial construction projects, although the details of each type of policy may vary, and different providers often have different ways of classifying one compared to the other.

What Circumstances Does it Cover?

Although the details often vary from provider to provider, typical comprehensive builders’ risk policies cover many or most of the following:

  • Theft or vandalism
  • Damage from natural disasters
  • Damage to materials
  • Damage to temporary structures or scaffolding
  • Damage to fencing and landscaping