Understanding Trends in Builder’s Risk Insurance

January 17, 2020 News

The Business Insurance Center Team Helps You Stay on Top of Changes

As a contractor, your reputation is everything. If you can’t do the work your clients expect, then you lose out on opportunities for new business later. Once sullied, it’s challenging to recover from a tarnished image. When you are busy visiting potential clients, negotiating contracts, and hiring crew members, you may overlook simple things that may cost you later, such as obtaining the right insurance coverage. Without it, your business can suffer severe setbacks.

Keep your reputation and your company afloat by obtaining builder’s risk insurance with help from the Business Insurance Center. Our experienced team of brokers assists contractors across the country safeguard their business against loss from fire, weather events, and theft on their project sites. Gain peace of mind for your client and yourself when you consult with us.

Trends in Builder’s Risk Insurance You Should Know

It is easy to think that once a policy is purchased, you can go about your business but there are responsibilities on both sides. For example, one construction company was denied a claim because it failed to follow through in protecting their job site. Additionally, every industry goes through various changes and trends. The same holds true for the construction and insurance industries. Here are a few changes to keep aware of:

  1. It matters who purchases the policy. As a contractor, you need to look for a specific section of your policy, specifically, the Named Insured and the Additional Insured. Look for who is responsible for what and how that impacts each party.
  2. The shortage of skilled workers raises risk factors. Look for help from your builder’s risk insurer for best practices and training programs to bring your crew up-to-speed on high-risk jobs. When you give your team the necessary tools to do their job safely, you may lower your risk of on-the-job injuries.
  3. Mother Nature has a more significant impact on projects than in the past. The weather is getting feistier. Hurricanes impacting odd areas, increased snow and rainfall, and other violent systems are a few examples. It would be best if you looked at your policy to see what weather-related events are included.
  4. Technology aids in the process. Some contractors are utilizing a bit of technology, such as sensors to alert them to theft and other issues like water damage. Some even use drones to keep an eye on the progress of a job.
  5. Timing on policy purchases can make or break a job. Waiting to buy coverage leaves your project vulnerable in the early stages. It can also mean the premium is much higher. Contractors are taking steps to make this purchase before breaking ground.

Protect Your Reputation with Builder’s Risk Coverage from the Business Insurance Center

Safeguard your reputation when you take advantage of some of the latest trends before you start your next project. Begin by speaking with a knowledgeable broker from the Business Insurance Center about purchasing a builder’s risk policy. Our experienced staff will assess your needs and find the best coverage at reasonable rates. Call us first before the first shovel hits the ground.

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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