Your Insurance Questions Answered

It's the amount you pay out of pocket before the insurance coverage pays for a covered loss.

They may not be covered under standard policies, but you can add endorsements to include them.

Generally, yes. Premiums are considered a business expense and can be deducted from your taxable income.

Exclusions often include earthquakes, floods, employee theft, war, government actions, and contract penalties.

Builder's risk insurance is a specialized type of property insurance that covers buildings under construction, renovation, or repair against damage from covered perils.

Property owners, contractors, developers, and others with a financial interest in a construction project should consider this coverage.

Covered perils may include fire, wind, theft, vandalism, and lightning. Coverage varies by policy.

It covers the structure under construction, materials on-site, in transit, or stored off-site, and sometimes soft costs like lost sales or additional interest expenses due to delays.

Builder's risk covers property damage to the project itself, while general liability covers third-party injuries or property damage resulting from your operations.

Coverage typically lasts for the duration of the project, from the start of construction until completion or occupancy.

Premiums are based on the project's value, location, construction type, duration, and coverage limits.

All parties with a financial interest in the project, such as the owner, contractor, and subcontractors, should be named insureds.

Yes, policies often cover public relations expenses to manage and mitigate reputational harm after a breach.

Yes, policies can often be extended, but you must request an extension before the policy expires.

Higher property values and replacement costs typically result in higher premiums due to the increased potential payout.

Generally, it doesn't cover contractor's tools and equipment; separate inland marine policies may be needed.

Yes, it's recommended for significant renovations or additions to protect against potential losses during construction.

Coverage for floods or earthquakes is usually excluded but can sometimes be added by endorsement or through separate policies.

Report the loss to your insurer promptly, document the damage, provide relevant project details, and cooperate with the claims process.

Employee theft is typically excluded; you may need a separate fidelity bond or crime policy for this coverage.

It covers damage that occurs during the testing of building systems, like HVAC or electrical systems.

Any business that handles sensitive data, conducts online transactions, or relies on digital systems should consider this coverage.

Builder's risk is temporary coverage during construction, while permanent property insurance covers the completed building once occupied.

Cyber liability insurance protects businesses against losses from cyber attacks, data breaches, and other cyber-related incidents.