If your business is involved in developing residential or commercial spaces, it’s worth taking out property development insurance.
Property development insurance protects developers against the many uncertainties of construction work. The construction industry is unpredictable and renowned for unexpected delays, injuries, and issues. As a developer, you need to protect yourself against these unforeseen events, which could negatively impact your business if you don’t.
So, what is property development insurance and why is it so important?
Who needs it?
Property development insurance is suitable for property developers big and small. You might be building new houses from scratch, renovating an existing property, or doing smaller enhancements such as adding an extension. Whatever the extent of your work, property development insurance is important.
There are many forms of property development insurance. So, you’re sure to find the one that’s right for your business.
Does it cover accidents?
A good property development insurance policy will include public liability. Public liability will help protect your company from accidents that befall anyone outside your employ.
Public liability will cover anything from injury to the public or damage to property, belongings, or assets as a result of your work. If someone sues your company and you don’t have public liability insurance, your company runs the risk of becoming bankrupt.
Covering delays
Construction can often result in long delays. Anything from illness, bad weather, changed plans and financial difficulties can bring your site to a halt.
It only takes one aspect of a build to go wrong and it can cause a chain reaction whereby every subsequent task has to be pushed back.
If your delays start to build up and it looks unlikely that you will meet your initially planned completion date your property development insurance can help cover the costs.
Increased costs
Construction sites can often bring unexpected costs. Unforeseen changes and enhancements to your build may increase the overall cost, as can supply and demand issues.
However, having the right insurance in place means these will not spiral out of your control. You can rest assured you’ll be able to pay what is needed in order to get the job done.
Find the right property development insurance for you
Choosing the right cover for your development is dependent on the scale, size, and budget of your project. A great insurance provider will help you select a policy that best suits your needs and guarantees you’re adequately covered.
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