Tahoe contractors face a wide variety of risk exposures throughout the construction process. Some of those risks are within their control, like employee safety and accident rates, however many risks are external as well. From weather to vandalism these external factors can be just as dangerous for a property under construction as the threats of a contractor’s own mistakes, but there are many ways to go about finding the right strategies to help protect both types of construction setbacks. Many standard property policies only cover completed structures. As a result, contractors and developers need separate policies to ensure that any hazards encounters throughout the project are properly navigated. Two of the most common solutions to help contractors protect their jobsite and properties under construction are: builder’s risk insurance and contractor’s liability insurance.
A Tahoe builder’s risk property policy is designed specifically to protect properties under construction, from many eternal risk exposures that a property under construction may face. These policies are specifically designed to extend coverage to materials, supplies including integrated structural components intended to become part of the building, fences, scaffolding, construction forms and signs at the premises which may sustain damage from specified factors that the contractor is not responsible for. Builders Risk insurance covers losses caused by fire, windstorms, collapse and other specified risks as defined by the policy. Most builders’ risk policies are written separately from other property and liability policies that a contractor might hold, because specialized underwriting is typically required.
A Tahoe contractor’s liability policy is designed to protect many of the same elements as the builder’s risk policy, except instead of damage caused by external factors these policies mitigate damages caused by Tahoe contractors or workers through the course of construction. Contractor’s liability coverage is designed to provide financial support should a contractor or their workers be responsible for any damage to third party properties, such as a house under renovation or a homeowner’s car in the driveway. These policies will help pay for the damages, cost of repair and even legal fees associated with a jobsite accident.
Navigating all the risks that Tahoe contractors face can be tough without the right knowhow and support. At Cal-Nevada Insurance Agency, we understand the hazards of the construction industry and have years of experience helping Tahoe contractors mitigate their risk exposures. Our Tahoe Contractors Insurance policies are fully adaptable and customizable to fit the unique needs of general and artisan contractors in their particular niche. We are also proud to offer a host of risk management and surety bond services to help give Tahoe contractors the support they need. If you would like to learn more about any of our offerings, give our Tahoe Contractors Insurance specialists a call today at (866) 670-5948.