Being an independent contractor or construction service provider can be a great career. While there is plenty of potential for those that are in this field, there are also important choices that need to be made. For Pembroke Pines, FL area businesses, one important decision is to choose quality builders risk insurance. There are several reasons why a contractor needs to have builders risk insurance.
Covers Building Damage
During any form of the construction phase, there is always a risk that an accident could happen that could cause damage to a building. If the contractor is at fault, this could come with a lot of liability. When you have builders risk insurance coverage in place, you will receive protection in the event a building is damaged during construction.
Protects Contractor Equipment and Assets
A contractor will need to invest a lot of money in order to complete certain jobs. This includes buying equipment, tools, and materials. When you have builders risk insurance in place, you will receive protection in the event these items are damaged, lost, or stolen.
Required to do Business
For a contractor, having builders risk insurance in place is also often a requirement in order to do business. Many customers today will require that you have builders risk insurance in place in order to accept your bid. Further, certain communities have laws in place that will require you to have builders risk insurance in order to do work in that community.
If you are a contractor and want to learn more about your builders risk insurance needs and options, you should speak to the team at McCormick Insurance Inc. The professionals at McCormick Insurance Inc. can help any Pembroke Pines FL contractor get the builders risk insurance that they need to properly protect their business.