Builders Risk Insurance for Professionals in Waukesha
In the construction industry, professionals face a lot of risks. Your scaffolding could crash to the ground, your front loader could tip into a crevice, your lumber could get soaked by a storm, or a live wire could cause a fire. Are you protected against these and other risks? With Waukesha builders risk insurance coverage, your property is protected when the unthinkable happens.
Who Needs to Purchase Builders Risk Insurance?
For most construction projects, there are a lot of professionals involved. Who needs to purchase Waukesha builders risk insurance? Multiple individuals and entities, including:
- The property owner or developer
- The builder
- Contractors and subcontractors
- Investment companies
- Commercial business owners
- The lender
Professionals in every aspect of the construction industry can benefit from this type of insurance as well. This includes plumbers, painters, carpenters, roofers, electricians, and interior workers.
What Does Builders Risk Insurance Cover?
As a professional in the construction industry, you face specific risks. Waukesha builders risk insurance covers your materials, supplies and equipment for:
- Property loss due to fires on the construction site, in your warehouse or in another location related to your business
- Property loss due to water damage from broken pipes, natural disasters, and other water catastrophes
- Property loss due to explosions, whether manmade or natural
- Regular wear and tear of your equipment and tools
- Damages that result from improper planning and designing
- Damages that result from faulty workmanship or materials used in the construction process
There are some soft costs that could be protected under builders risk insurance. This includes rental income, real estate taxes, lost sales, and loan interest. Speak with a HUB Waukesha builders risk insurance specialist to learn more about extensions if you have other specific needs such as temporary structure protection, scaffolding, debris removal, pollutant cleanup or other similar coverage.
What Other Type of Construction Insurance Is Out There?
When you sit down with our insurance advisors, we’ll work hard to put together a policy that will help you manage all the risks associated with your business. Waukesha builders risk insurance isn’t the only type of coverage you’ll need. Some other products to include are:
- General Liability – To protect your company from lawsuits pertaining to accidents or negligence that result in property damage
- Professionals Liability – To protect you and your company from lawsuits that affect the reputation of your business
- Workers’ Compensation – To protect both your company and your employees should someone get injured during the job
- Inland Marine – To protect your finances when equipment or tools are damaged during transportation by land
- Commercial Auto – To protect your company against any auto damage to any vehicles you have on the site or otherwise connected to your construction business
- Construction Defect – To protect against negligence claims related to the construction of a structure
- Environmental – To protect against claims that you or someone who works for you handled hazardous waste or materials incorrectly
How Much Does Builders Risk Insurance Cost?
Your Waukesha builders risk insurance policy will be tailored to the needs you have within the construction industry. You might need more coverage than another professional in your position because you have more employees. You might need less coverage because you don’t have the same type of equipment. The type of projects you complete, the materials you use, and the amounts and limits of your policy will affect the cost. Our advisors can help you understand before you make any commitments. Learn more about HUB’s construction insurance offerings!