Builders Risk Insurance for New Iberia, Lafayette and Areas Across Acadiana
As a commercial contractor, it's crucial to have sufficient insurance that safeguards both your own commercial assets and current construction projects. Property insurance only offers protection for your office belongings. For complete business protection, you need coverage for materials, equipment and other property at job sites. Builders risk insurance can extend your policy appropriately.
Builders risk coverage is a temporary form of insurance and only applies during construction, erection and fabrication. In most cases, builders risk coverage stays in force until the project owner accepts a construction project or once construction is considered complete. Once construction is done, it's up to the building owner or structure to secure traditional property insurance.
Builders risk insurance can cover a wide range of causes of property damage, such as severe weather, theft, explosion, vandalism and impact by a vehicle. Keep in mind that builders risk policies often don't provide coverage for property damage caused by flaws in design, planning or craftsmanship.
There's no standard form of builders risk insurance, so our experienced team of professionals will shop the market and find you affordable coverage based on your property risks. DJW Insurance Agency, Inc. is an independent agency serving the insurance needs of families and businesses throughout Louisiana.
Common Builders Risk Insurance Questions:
What Is Builders Risk Insurance?
Contractors are primarily responsible for carrying out some form of construction, whether a general task or a specialized project. That being said, you must ensure that projects get completed correctly, timely and within the anticipated budget.
Still, many potential property damage issues could disrupt project operations, cause significant delays and add costs. As such, a builders risk insurance policy can protect the interests of yourself and any other parties associated with the project—such as the property owner, architects and other contractors.
What Does a Builders Risk Insurance Policy Cover?
Builders risk insurance can protect contractors and individual property owners managing their own construction projects. There are several sub-specifications of coverage available, including:
New construction insurance covers new construction projects and applies from the moment work starts on the property until completion.
Remodeling insurance covers damage occurring to a property that is undergoing renovation.
Installation insurance covers property or materials from theft or damage before it gets installed into a permanent place.
Further, some builders risk insurance policies also offer premises liability insurance. This coverage will pay for bodily injuries or property damage that you may negligently inflict upon third parties throughout construction—including job site visitors. Yet, keep in mind that other types of liability coverage within your greater commercial insurance portfolio may also be able to provide such protection.
Who Should Have Builders Risk Insurance?
Apart from assisting contractors, this coverage can also protect other businesses or homeowners looking to manage their own construction projects. Any party that has invested in a construction project should consider builders risk insurance.
Take note that it's essential to have a builders risk insurance policy secured before beginning a project. In addition, if you sign a contract for the construction project, you will typically be required to have this coverage in place when the contract period starts.
How Much Does Builders Risk Insurance Cost?
The builders risk insurance policy cost is dependent on several elements. Regardless, DJW Insurance Agency, Inc. will secure an affordable policy that matches your construction and site risks.
And builders risk coverage isn't the only commercial insurance policy that a contractor should have. Louisiana requires all businesses to carry workers' compensation insurance and commercial auto insurance. You should also invest in general liability, professional liability, and cyber liability coverage for complete operation protection as a business owner. Our team can help you tailor the perfect policies.
Protect Your Projects
For more than 100 years, DJW Insurance Agency, Inc. has been insuring what matters for Louisiana residents. Protect your project, wallet and company by calling us today at 337-364-7614 or filling out a free online quote. You can also stop by one of our Acadiana region offices in New Iberia, Broussard, St. Martinsville or Youngsville.