It’s pretty obvious that builders can be sued while doing site work. Insurance coverage such as builders risk insurance coverage policy protects a builder against accidents on the site while they are doing new construction. The ownership the property while there are property improvements can rest with the builder and company if there is a mishap. The owner is not liable for a mistake of the builder during the period of construction.
The builder with years of construction may not feel he needs the insurance. It is easy to feel that your knowledge and experience should cover every situation but that is not how the real world works, especially on a construction site.
Practically, the builder under contract cannot control the actions of his subcontractors. It is not his actions that make him liable but also for those working on the site. Many subcontractors use drugs and alcohol and drugs, especially on Fridays. While most days go without incident, the builder can reduce his liabilities with builders risk property insurance.
This insurance does not cover acts of nature such as floods and wind damage, but this insurance does cover normal activity of the site such as falling, damage from machinery, and other routine incidents.
The property owner’s insurance may cover cases of renovation or add-on to an existing structure, but new structures demand the safety of builders risk insurance.
The cost of this insurance is affordable in comparison to the risk a builder takes by not taking out this insurance.
It might compare to a good driver not feeling auto insurance is necessary. However, he has to guard against the behavior of others and the unexpected events that make the driver subject to the accident.
While the new construction is ongoing, before the law, the builder is considered to be liable for the property under conditions that would normally rest with the property owner. Until the project is finished, the builder carries a risk regardless.
It is not a reflection of your expertise, but an acknowledgement of your business management needs to purchase builders risk commercial construction insurance. It’s time, just do it.