No matter how safe you believe your business is, it’s still vulnerable to a number of different threats at any time. Without the right protection in place, your small business could face serious losses or even bankruptcy. That’s why adding small business hazard insurance is critical to your company’s success.
The cost of builder’s risk insurance is based on the total completed value of your structure. That includes the cost of all materials and labor, but excludes land value. This policy is also called course of construction insurance.
There are two types of insurance for homes: homeowners insurance and builders risk insurance. Homeowners insurance is for completed homes, while builders risk insurance is for homes that are still under construction. Insuring a house that is being built from the ground up is different than insuring a house that is already built. The insurance will have to be more specialized for the home that is being built.
Homeowners insurance protects your home and its contents provides coverage for additional living expenses and offers liability protection in case someone is injured on your property. Builders risk insurance, on the other hand, covers the property while it is under construction and does not include personal liability protection. General liability insurance should be provided by the builder to protect both the builder and the homeowner.
Regulating Agency and References
Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works.
Visit us at https://www.iii.org.
We Insure in the following states: Alabama, Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Mississippi, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming