If this summer you’re fancying expanding your business, you might need to consider builder’s risk insurance.
Many factors go into a business expansion, and insurance needs are one of them. Builder’s risk insurance is a kind of property insurance that covers a building under construction. It can cover only the structure (the materials on site waiting to be installed or transported to the job site).
Most policies cover damage from fire, wind, lightning, hail, theft and vandalism. Policies usually exclude liability for accidents on the job site. Sub-contractors are still required to have their own insurance.
Once the builder’s risk policy expires, the new owner should take out property insurance.