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From property protection to liability coverage, ensuring your business insurance policies align with your expansion is critical. Without the right coverage, unforeseen challenges—such as propertydamage, employee injuries, or legal issues—could put your investment at risk.
Propertydamage : Damages to the building that is being constructed or renovated. Equipment : Covers damages to or theft of equipment used on the job site. Premises liability claims : Legal expenses and liability coverage related to any injuries, including trips and falls, that occur on the site.
– Potential deductibles and what’s financially viable if you need to make a claim. Familiarising yourself with the various types can help you craft the most effective insurance package: – General Liability Insurance : Covers third-party bodily injury, propertydamage, and advertising injuries.
Our Builder’s Risk program is a comprehensive insurance solution that covers under-construction properties and their works sites against all the most common risk factors. Property and Liability products are distributed through a national network of agents and brokers.
Principal’s Default: A claim under a surety bond arises only upon the default of the principal. While both serve as risk management tools, their operational mechanisms, purposes, and the way claims are handled differ significantly. Importantly, if the surety pays out a claim, they will seek reimbursement from the principal.
This means complete property protection in the event of damages from: Extreme weather events Vandalism Theft Fire Beyond propertydamage, Distinguished also offers coverages for: General liability Soft costs Mold and fungus Off-site materials in transit How Much Does Builder’s Risk Cost in Michigan?
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