What type of insurance would cover the contractor against theft or damage to the construction site?

Builders Risk Insurance is specifically designed to cover the construction site during the building process. This type of insurance protects against losses due to theft, vandalism, fire, and certain other risks that could damage the construction project while it is underway. It provides financial protection to contractors for materials, fixtures, and equipment at the project site.

General Liability Insurance, on the other hand, primarily protects against third-party bodily injury and property damage claims arising from project-related activities. It does not cover theft or damage to materials and equipment on site.

Property Insurance usually covers existing property rather than what is under construction, and is not tailored to the specific risks associated with a construction site.

Workers Compensation Insurance offers protection for workers who get injured on the job but does not cover theft or damage to project property.

Understanding the distinct functions of these types of insurance helps ensure that contractors select the appropriate coverage for specific risks associated with their work.