Nobody makes anything with their hands anymore (or at least not a majority of people). America was once the nation where everything was built. If you wanted a fighter plane, a car or a computer you came to America. If you could name it, we could build it. And, while that still might be true, most of America sits behind a desk and stares at a computer screen for most of the day. That’s not to say that that isn’t work, important things happen behind desks, but that same innovative, no nonsense builders spirit that made the United States is what it is today is hard to find. That is, unless you look at our contractors and see the risks that they take to build our countries future. Those risks can be overwhelming at times but still, they press forward. And while you might feel helpless to protect them, there is something you can do; convince them to acquire all risks insurance.
All Risks Insurance – What is it?
Contractors are exposed to all kinds of risks during their day to day activities. And all it takes is one lapse in concentration to turn a high risk situation into a traumatic situation. To counter that risk you’re going to need an over-arching insurance policy that can protect you in a variety of different ways from a variety of different variables. Essentially, the policy will cover any losses that may not be covered by an ‘excluded peril.’ All risks insurance typically breaks down into two different forms (which we have listed below).
1. Property Damage
This policy is designed to protect you and your contractors in the event that you (or someone else, or Mother Nature) causes damage to a building or structure that is currently being constructed.
2. Third Party Claims
The second part of all risks insurance serves as a barrier between you and any claims made by a third party (or if someone walks through your workplace, trips and then tries to sue you for their injury). That way you can focus more on your business and less on problems that you shouldn’t have to deal with to begin with.
All risks insurance is becoming a staple for contractors across the country so, if you are currently without, then you may want to consider talking to an insurance advisor to make sure you are adequately covered. If you have any further questions please feel free to give us a call at 1-800-649-9094. We look forward to hearing from you!