As any contractor worth his or her salt knows, construction is a competitive industry that comes with a significant amount of risk exposure. Here are two top reasons to mitigate those threats by purchasing a builders risk policy in New Jersey.
Cover Your Supplies and Equipment
Many expensive construction materials are stored on a job site, along with equipment and, at times, tools as well. The loss or damage of these supplies could set your schedule back considerably, and pose a giant expense that could potentially be extremely harmful or fatal to your business. With a builders risk policy in New Jersey you can be covered for these losses, and having less financial setback will allow you to get what you need to get back on schedule.
Adds Value for Clients
While purchasing insurance has costs involved, going without has even more potential costs. Your clients will be relieved to hear that you are a responsible business owner who has taken the steps possible to prevent liability. Mitigating risks when a client is sinking serious money into a project helps to protect their investment. They want their building finished under budget and on schedule, and preventing and preparing for any bumps in the road will help further your ability to meet that goal.
With these reasons in mind, a builders risk policy in New Jersey could be the right purchase for your contracting business.