Reasons Why You Should Purchase Builders Risk Insurance as the Contractor

July 25, 2019 Blog

From the moment you step onto a job site, you and your crew face several potential risks. There is an obvious risk of injury. Then there is theft and fire. You accepted these chances when you decided to become a contractor. However, when it comes to rehabilitating a fixer-upper or building a new structure, it pays to have builders risk insurance.

The professionals at the Business Insurance Center are established builders risk insurance providers who understand your unique needs. We work with you to assess what policies aid you in your company’s endeavors. The question is, “Who should make that purchase? The owner or you?” There are many advantages of buying a policy instead of relying on the homeowner.

Why It’s Important to Purchase Builders Risk Insurance

The debate has not been settled on who should buy the builder’s risk policy. We recommend that, as a contractor, the project is better served if you obtain the coverage instead of leaving it up to the homeowner. Here’s why:

  1. It reduces disputes over coverage. Since you better understand the risks involved that need coverage, you can ensure there is adequate protection. Any payment for losses tends to be made quicker. Also, you have greater control over items such as the amount and length of coverage.
  2. Your chances of being sued are reduced. If the policy is held by the owner, you may be exposed to additional lawsuits as the insurer does their investigations. Which means you could be sued first and would have to spend time and money defending yourself.
  3. You hold greater control over all your projects. If you are working on several building projects, you may be better served with a master policy. You can also ensure your subcontractors have the appropriate coverage, and that the premiums are paid. You may have to be reimbursed by the owner, but at least there is no lapse in protection. Finally, you can make sure you have a re-build clause.
  4. You can choose whom you want to work with. When you work with a respected insurance company, you develop a relationship. They know you, and you know them. Also, in general, the more policy types you have with one company, the more you save.

Protect Your Company and Your Project with Help from a Dependable Brokerage

Satisfy your client’s expectation while protecting your company and reputation when you work with a builders risk insurance provider who understands what you are up against. The experienced brokers at the Business Insurance Center work with a variety of established companies to bring you the best coverages at reasonable rates. For more than 30 years, we have helped small to medium-size companies, self-employed contractors, and entrepreneurs safeguard their enterprises. Get the protection you desire with our help.

Request a quote online or call and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator. 

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If any policy provision is in conflict with the information provide on our website, blog or by any of our agents, kindly note that the policy language is controlling and supersedes all other sources. For more information, please contact your local office of The Nowell Agency.

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