When considering coastal New Jersey business insurance, certain policies will seem like no-brainers to you, such as property insurance. After all, you don’t want to be liable for any damages or injuries that occur on your company’s premises. However, if the building of your company or business is currently being built or in the planning stages of being built, then you should strongly consider builders risk insurance as well.
Builder’s risk insurance will help to financially protect you against the risk of loss for construction materials as well as covering partially completed buildings. This means that if your partially completed building is damaged by hail, vandalism, theft or fire, you will be covered. You can also purchase an “all-risk” policy, which will cover every possible peril unless stated otherwise in the policy. In order to take out a builder’s risk insurance policy, you must be a lender, subcontractor or project owner. The holder of the policy needs to have an insurable risk and interest in the property being built.
Need information about New Jersey business insurance? Contact CCW Insurance at 732-280-2800.
Damages will be covered up to the policy limits in a builder’s risk policy. There are often occurrence limits within such policies. This means that if you take out a $1 million builder’s risk policy that has a $50,000 per occurrence limit, then you’ll be covered for no more than $50,000 for every claim you make, but you’ll be covered for every claim up until the $1 million mark.
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