Vandals often target home construction sites and often target them for material theft or for malicious destruction. When this happens, replacement and repair costs fall on the builder. Similarly, storms and fire can damage or destroy homes under construction. Because of these risks, every builder and contractor should carry builders risk insurance. This temporary property insurance protects builders during construction.
Builders should have risk insurance in place for a project in time for the first delivery of supplies to the construction site. With a policy in place, contractors have protection if they disappear. Risk insurance policies vary among insurers, so builders must make sure their coverage includes loss of unused material and the collapse of partially-completed buildings.
Some contractors make the mistake of relying on homeowners to buy builders risk insurance only to find out that they either bought inadequate coverage or forgot to buy it altogether. When this happens, builders wish they bought the insurance themselves because they suffer significant loss.
You may not have knowledge about the kind of builders risk insurance to apply for to cover your property that is under construction by your builder. It is important to inquire from your contractor insurance agent who will guide you on the appropriate cover to take for this project. In addition to that, you will have to estimate the charges of that policy and see if it will suit you.
Also let your builder risk insurance broker understand the kind of home you want to construct so that he can advise you more to gather enough information. Make sure you ask your builder if they have builders risk insurance coverage if not make sure they get a risk insurance quote from a qualified insurance agent.
All builders and general contractors should get builders risk insurance coverage regardless of which trade they are in. Whether they are home builders or commercial building contractors, a construction insurance policy can protect their interest and investments. Even with the necessary precautions and measures implemented, a construction site is still vulnerable to unforeseen risks and threats. Builders risk coverage will protect not only construction workers who sustain injuries due to unexpected circumstances, but also cover tool, materials, and equipment that get damaged or lost. Most insurance companies providing construction insurance cover theft, fire, accidents, and some natural disaster that might cause troubles in a construction site.
However, many builders hesitate to buy builders risk insurance policy because they think it will rip them off of thousands of dollars. Contrary to this, money savings are possible when you get construction insurance.
Here are four tips to help you save money:
- When getting a quote, never settle on the first policy offer you receive. Obtain multiple quotes so you have more options to examine and choose from. Three quotes will be enough to give you a clear picture of the costs involved in the purchase.
- Make sure to have a background check on the insurance provider you are offering you the quotes. Your coverage is useless if it doesn’t pay out when the need arises. Reputable insurance companies should have a strong financial stability and first-class customer service.
- Understand and study your policy and its coverage. Make sure you understand the fine print and purchase accordingly.
- Don’t unnecessarily overstate the values to insure in order not to have a significantly higher premium.
Builders Risk Insurance will protect you and your property while throughout construction. With this type of insurance, your investment will be protected and help the process of building your dream house or building doesn’t turn into a nightmare.
Lets face it, today just about anything we do in the professional field carries risk. Professional positions such as computer programmers, web developers and designers all carry risks. The smallest accident that causes an error can become a massive liability. It’s not enough to have a general liability policy though, what you need to understand is that there are many risks that must be covered in a different type of policy.
For IT techs and other technology professionals it is recommended that you get what is called E&O Professional Liability Indemnity Insurance to be protected from negligence or a claim from a client or even your employer. People are now hiring people who are experienced in information technology to babysit and update their Facebook/MySpace pages. People can often get extremely upset if something goes wrong with one of these pages for them. It does not even matter at times whether the IT professional.
People can get so offended if something happens to their MySpace or Facebook page that they can threaten litigation. This litigation is why many IT professionals need to carry business liability technology insurance. MySpace is a multi-million dollar company and some people take it very seriously on the basis of simple networking alone. The destruction or even partial loss of time on their MySpace page can cost people money.
An information technology professional who has been hired to setup an e-mail server for an energy consulting should carry some sort of professional liability technology insurance coverage. There can be a lot of things which could go wrong with e-mail servers when they are first activated or put into place. The IT professionals to stay on top of this situation or otherwise you will get blamed for the issues whether it is likely your fault for the mishaps or not.
The energy consulting firm may even get so upset about the errors and omissions that they bring litigation against the IT professional. In a state such as North Carolina where there hasn’t been strong tort reform for example, these lawsuits can be extremely costly. This is why an IT professional would be so smart to carry business liability insurance in North Carolina or any state for that matter.
Some states such as Mississippi have enacted strong tort reform measures, but these would just limit punitive damage awards and not actually prevent you from getting sued. So even in states where tort reform has been enacted an information technology professional should still carry technology liability insurance. It is a hope of mine that they will be able to find this insurance at an affordable rate.
Part of being an experienced information technology professional is having to deal with expensive pieces of equipment. However, by handling such items, you put yourself at risk. If anything goes wrong when you are working on the item, you could be held liable. This is more than a slap on the hand. You could instead be sued and have to pay out hundreds if not thousands of dollars. This is why professional liability errors and omissions indemnity coverage is an essential investment for any IT professional or tech business. Such a plan will protect you in the event that a customer’s computer or another piece of technology is damaged. Additionally, it will protect you if a client falls and injures him or herself when on your property. You want to cover all of your bases so that you can protect your reputation and your investments. General liability business technology insurance coverage is an important safety net for your own security and peace of mind.
Many computer programmers deal with a bit of risk and liability based on the fact that they can make an error or ommissions and cause issues for their client. All information technology professionals who work on a freelance basis or within an employee capacity nowadays should carry E&O coverage. One requirement many clients prefer is that the individual who is going to be working on their system carry some form of professional liability technology business insurance for IT tech professionals. Why is this important? Simple: If you carry general liability insurance you are covered in case you damage your client’s or employer’s equipment in some manner while working on it.
Further, general liability insurance can cover the IT professional should he or she make any programming mistakes. This form of general liability coverage is referred to as errors and omission insurance and is needed in order to assure the company’s financial loss as a result of the mistake will not place the IT professional at risk. In other words, the insurance company provides the IT professional protection with respect to any mistakes made on his or her part that end up costing the client or employer company considerable time and money.
Regardless, since most clients require general liability insurance, the two facts within the preceding content make it worth the investiment to the IT professional.