7 Common Questions about Builder’s Risk Insurance

June 25, 2020 Blog

Help from the Professionals at BIC

Winning a major construction project can be great for your bottom line. Unless something goes wrong, like you falling behind schedule because of theft, then you can quickly see your profit turn south. If too many jobs go awry, then you may find yourself out of business. It’s possible to get the protection you need to recover when things do’t turn out as planned.

Protect your next job by talking with builder’s risk insurance providers about specialized coverage. The team at The Business Insurance Center understands the struggle you face as you want to keep costs low and still safeguard against potential losses. We help you mitigate that with coverages to fit your unique situation.

7 Questions Regularly Asked of Builder’s Risk Insurance Providers

Before you begin your next building project, give yourself and your customers peace of mind with the right protection. You may have some questions. Here are seven of the most commonly asked questions regarding builder’s risk:

  1. What is builder’s risk insurance? It is replacement coverage for construction projects and steps in when things go wrong. Often, it is purchased by general contractors, homeowners, and business owners alike. In general, it covers the cost of damage from non-severe weather events, like theft, vandalism, and debris removal, among others.
  2. Is it a one-size-fits-all policy? Each building project is unique, so your protection should be individualized. For example, you may be constructing a high-rise downtown and a few single-family homes out in the suburbs. Each has its own materials and costs much different from the other. You need a policy tailored to the job.
  3. Does it cover job site theft? You know that thieves will take advantage of a job site with copper wire, new windows and doors, and costly tools. It’s hard enough to pull up to your job and find out things have been stolen, let alone figure out how to replace them. This policy can help you.
  4. Will it cover the whole construction project? It can even cover all the participants like the project owner, general contractor, sub-contractors, the architect and engineers, and the project lender. Be sure to speak with your Business Insurance Center broker for more details.
  5. Are there any exclusions? It is possible. For example, projects in coastal areas may not be covered for wind, flooding, and earthquakes. Of course, you can speak to your Business Insurance Center broker to potentially have them added.
  6. What time limit does a builder’s risk policy have? Your project should not take forever; therefore, your builder’s risk policy will have a threshold based on the length of time you think you need. You can extend the timeline by discussing this with your broker.
  7. Why should I buy a policy? What are the benefits? The better question is, “Can I afford to replace anything on this project if something goes wrong?” The plan is set up to pay out when losses occur, or the building is destroyed. Since all participants can be covered, you can avoid getting stuck in a circular argument of who is to blame.

Protect Your Next Construction Project with Builder’s Risk Insurance

Heave a sigh of relief as you roll out the blueprints and break ground on your newest job site. Reach out to the builder’s risk insurance providers at The Business Insurance Center. We assist you in getting the right protection to fit your specific needs. Put our experience to the test and give us a call today!

Request a quote online or call and speak with a knowledgeable and experienced broker at the Business Insurance Center about purchasing builder’s risk insurance for your next project. We have a 24/7 call center to serve you and an online Live Chat operator. 

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