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Owner Builder Insurance - What To Look For

You need to know how to get an owner-builder insurance plan when you are the company that will build and manage a facility, house, or office. There are a number of things that you can do to ensure that you can get the right type of insurance, and you need to make sure that you have looked through the whole list because there are many parts of these policies that you may not realize are necessary for you to pay for. You are trying to save money, but you cannot save much money if you are not getting the right policies.

What Does Owner Builder Insurance Do?

The first question you need to ask is, “are you an owner builder?” Your answer to this question is going to guide the process. An owner-builder is someone who builds and manages the facility after it has been built. This means that you own the land, own the company that built the structure, and you plan to keep possession after the fact. Because, you can get one kind of insurance policy that will pay for everything during the building process. If you were building for someone else, you would not need as much coverage.


How Much Coverage Do You Need?

You need enough coverage to handle he building process, your building equipment, the people on the crew, and the building itself. You also need coverage that will pay for lost profits if the structure is never built. What if your structure is torn down by a storm or burns down before it is finished? You were planning on making money from the structure, and you need insurance to pay you back for lost profits including the loss of the building and your equipment.

Medical Coverage

You also need insurance that will pay for medical bills when you have staff on the site that get injured. Your state may require that you have a special workers comp plan, or you could have a medical plan set up that will cover everyone who is a paid worker. This could include people who come in to help with design and architecture. You can even get a policy that will pay for the people who are coming in for subcontracting work. You do not need to have a health insurance package for your staff because you can use this blanket plan. However, you may choose to offer medical insurance as a benefit because injuries do occur on building sites.

Malpractice Insurance


You need to keep insurance to prevent against claims that you breached your contract or did the job poorly. Most people who are building structures will be accused of doing something wrong at some point. The only thing you can do is make sure that you have the appropriate insurance. You also need to make sure that you have a policy that covers each specific building. You must all your paperwork up to date, and you can use your documents to prove that you were contracted, followed the design, and were responsible.