Construction professionals understand that securing a reasonable amount of insurance for each project is a smart move. The right amount of coverage provides protection for the builder as well as for the client. When it comes to evaluating different Builders Risk Insurance Quotes in Topeka KS, take the time to look beyond the premium and consider what benefits are included in that policy. Here are some specific points to consider while reading through the terms.
Covering Medical Expenses
Some of the covered events identified in the plan could result in the need for medical attention. What provisions are in the policy to cover the costs associated with emergency room visits, hospitalization, and physical therapy? While the hope is that no injuries occur during the construction project, it pays to be prepared. Unless the scope of medical coverage is reasonable, the contractor would do well to look at a few more builders risk insurance quotes in Topeka KS.
Acts of Nature
One point of coverage that is often included in builders risk insurance is protection from acts of nature. What would happen if a tornado came through the area and levelled the building under construction? Where would the money come from to purchase replacement equipment or cover the cost of new equipment needed to get the project back on track? Unless the coverage amount is reasonable, keep looking at other quotes.
Theft at a building site is a real possibility. This is true even when the area is fenced and some type of alarm system is installed. The real value of the quote is what sort of benefits the policy provides if some type of theft takes place. Ideally, the plan should provide enough coverage to allow the builder to replace whatever is stolen and still complete the project on time.
The right builders risk insurance does more than protect the contractor while the project is underway. It also sends a signal to potential customers that the builder is serious about making sure the project will move forward no matter what. There’s a good chance that the builder will not have to look elsewhere for a better price or range of benefits.