There are countless hazards involved in working in a field like construction. Since the risks tend to be a bit more intense than in other industries, those who own businesses in this field absolutely need to dedicate extra time to finding insurance that accurately meet their needs. Unfortunately, many make the common mistake of assuming that a standard plan is enough. This is not the case, as a traditional plan often falls short when it comes to providing coverage that can actually help shield owners of such businesses from claims.
Standard Versus Extended Coverage
A standard plan for builders liability can work well for many business owners. However, additional coverage could be necessary depending on certain factors. For example, standard plans do not cover scenarios in which a site is hit by an earthquake, fire, hail, or sudden explosion. This is where additional policies meant to cover the risks of builders can be invaluable. In addition to natural disasters and elemental forces, extended insurance coverage of this nature can include a variety of other situations such as:
- Acts of vandalism to the property or equipment
- Seizures or shutdowns caused by the government
- Damage done to scaffolding and other temporary structures
Review All Options
The world of construction might be demanding in most ways, but this does not mean that you don’t have options when it comes to shielding your business from harm. Take a look at how you can stay protected with comprehensive insurance and begin your search.