Building Out Sacramento
As the capital of the nation’s largest state, Sacramento, California is no stranger to massive construction projects. From the Connector Expressway connecting Interstate 5 to Highway 50 to the major downtown developments such as the SAFE Credit Union Convention Center, there are big things happening in Sacramento with respect to the built environment. With over half a million people in the city limits and another 1.5 million more in the surrounding area, it’s safe to say that construction continues to be a big deal in the capital of the Golden State. As the fastest-growing city in the most populous state, there will always be a need for new homes, new commercial buildings and major infrastructure expansion.
When you’re a business that’s responsible for erecting, reconstructing and upgrading a facility, you face several operational risks every day. From working in confined spaces or high on ladders and scaffolding to using heavy machinery, you need various insurance products to help deal with these exposures. As a contracting business, your clients also depend on you to have sufficient coverage to assure completion of work and successful project delivery. Whether you’re upgrading the wiring to create a customer’s dream kitchen or pouring concrete for the Sacramento County Courthouse, you take ownership of a project until it’s complete. Do you have sufficient builder’s risk insurance in Sacramento?
Covering Your Business
As a principal or decision maker in a construction company, you need a complete plan that not only includes builder’s risk insurance in Sacramento but other types of coverages as well. Many of the following coverages are common for companies, irrespective of location, size, market or customer base:
- General Liability – Coverage for claims due to injuries of third parties, such as customers while on the premises of your business
- Workers’ Compensation – Pays for medical expenses and lost wages of employees who are injured in the course of doing their work
- Commercial Auto – Covers a range of exposures related to employees operating work vehicles or driving on the job, including both short-haul and long-haul transportation
- Property – Coverage for any owned properties and the company-owned objects located within
- Professional Liability – Addresses claims due to negligence, errors or omissions in project deliverables or work product
Protecting Your Projects
Your clients hire you to deliver projects from beginning to end, often according to an agreed-upon scope, budget and schedule. Until your client accepts the project from you, you own all of the risk. Having a policy for builder’s risk insurance in Sacramento means that you’re covered on incomplete projects. Losses and claims due to damage from fire, explosions, water and more are often covered by builder’s risk coverages. Even damages due to poor design, shoddy workmanship, equipment issues and inferior materials can be covered, so it benefits your company to have builder’s risk insurance in Sacramento.
Other coverages to protect the way you work which you should strongly consider in a total plan alongside builder’s risk insurance in Sacramento include the following:
- Contractor License or Surety Bonds – Often required by government agencies to ensure completion of a project
- Construction Defect – Covers claims of negligence in the building of a facility.
- Environmental or Pollution Liability – Offers limited protection related to environmental accidents such as spillages and contamination by hazardous materials
- Inland Marine – Protects equipment and building materials that are in-transit, as opposed to being at a project site or an office