Property Insurance for contractors covers your business-owned buildings, office equipment, building materials, tools, and equipment against loss by fire, windstorm, theft, vandalism, etc.
This policy only provides coverage if the loss occurs on your scheduled premises. Therefore, you must make separate arrangements to get protection for off premises losses to your equipment by purchasing an Equipment Floater and losses to your work in progress by purchasing an Installation Floater (Trade Contractors) or Builders Risk policy (Home Builders and Remodelers).
Property types at risk
Buildings, sheds and storage facilities, office equipment, office supplies, computer equipment and peripheral devices, service equipment, tools, etc.
Perils
Fire, wind (hurricanes, tornadoes, thunderstorms), hail, theft, vandalism, auto collision, water intrusion, weight of snow on roof, lightning strikes, artificially generated electrical power surges.
Special coverage enhancements may be needed such as transportation insurance for incoming and outgoing shipments, property temporarily off premises, and equipment that leaves premises.
Property Insurance covers the loss of income while the business is closed for repairs.
Fire is a concern if employees are working with electrical wiring, flammables or combustibles, and the risk is elevated if flammable or combustible materials are not stored properly in fireproof containers.
