The Importance of Home Builder Liability Coverage

As a residential builder, protecting yourself should be a priority. Here’s why and what you can do:

Importance of Protection

While managing subcontractors, ordering materials, and handling various business aspects, it’s easy to overlook personal protection. However, ensuring you have the right coverage is crucial. Not being adequately protected can lead to severe financial consequences for your business. As a residential builder, your business faces unique risks. From construction site accidents to property damage claims, the potential liabilities can be substantial. Having comprehensive general liability (GL) coverage is crucial to protect your business from financial devastation.

General Liability (GL) Coverage

Securing the right GL coverage can safeguard you from lawsuits, mishaps, and property damage claims. GL coverage can protect you in scenarios where you or your employees cause injury, death, or property damage to a third-party during work. It can cover medical expenses, legal defense costs, and damages you may be liable for. Determining the right amount and type of coverage can be complex. Factors such as the size of your projects, the number of employees, subcontractor relationships, and the types of materials used all play a role in determining your coverage needs. Consulting with an experienced insurance agent can help you assess your risks and customize a policy that provides adequate protection.

Actions to Protect Your Business

1. Join the LHBA GL Trust

By becoming an indemnitee of the LHBA GL Trust, you’ll benefit from:

• Coverage tailored for builders, by builders, and run by builders.
• Access to sample legal forms and contracts to protect your business, such as:
• Contract to Build on Owner Lot with AAA Arbitration Language
• Remodeler Construction Contract
• Subcontractor Agreement with Arbitration Language
• Spec Home Purchase Agreement

2. Legal Advice

In addition to insurance coverage, LHBA GL Trust offers access to legal resources. From sample contracts to legal advice, you can benefit from expert guidance to help protect your business. As an indemnitee, you’ll have access to two (2) free hours of legal advice from a Louisiana attorney experienced in drafting and negotiating home builder contracts in Louisiana. This unique benefit sets the LHBA GL Trust apart from other GL carriers.

Take Action Today

Protecting your business should be a priority. By taking proactive steps to secure the right insurance coverage, you can safeguard your business from potential risks and liabilities. By joining the LHBA GL Trust, you become part of a community of builders. The trust is managed by individuals who understand the construction industry, ensuring that your needs are met effectively. Call your local independent insurance agent and request a quote for LHBA GL Trust coverage. Protect yourself and your business effectively, call or email John Brooks at 225-999-8820 or jbrooks@rmsla.com for more information.