It’s a common impulse to want to combine your insurance options to save money, but that’s a different animal from forgoing coverage of one type for another. Typically, that choice is only made when there are overlapping coverage areas that make one entire policy redundant. In that sense, you need both general liability and builder’s risk policies, because they cover different aspects of your risk management plan. Liability insurance protects your workers, visitors to your site, and eventually the people who are affected by your craftsmanship after a building is done. Your builder’s risk policy, on the other hand, provides protection for you and your business against risks like damage to equipment or supplies, theft, or damage to the portion of the work that has already been completed.
Comprehensive Coverage for Your Construction Business
While you can’t skip one policy in favor of the other, you can look for providers who focus on comprehensive insurance solutions for businesses like yours. That can help you avoid overlapping coverage while purchasing all the policies you need to protect your operation, but it requires an insurer who really understands your business model to make it work. Usually, between the tailored fit of these packages and the insurer’s focus on the industry, this also leads to savings beyond what you realize from simply avoiding over-buying insurance.