Why Builder’s Risk Insurance is a Good Idea

April 11, 2019 Blog

As a builder or general contractor, your reputation is on the line each time you take on a new construction job. As a responsible business owner, you know how to cross your t’s and dot your i’s. You carry the right general liability coverage, keep your worker’s compensation insurance paid up, and always have the proper permits in place before starting the project. There is one final piece you need to have, and that is builder’s risk insurance.

Builder’s risk insurance provides you with the confidence to start constructing impressive structures for your customers. The Business Insurance Center has an exceptional team of brokers you can depend on to help you navigate the risks you face. We work hard to offer you the best solutions to keep you protected. Let us partner together to ensure you can recover if a project goes awry from a covered event.

Do You Always Need Builder’s Risk Insurance?

Purchasing a builder’s risk insurance policy depends on a couple of factors. When you speak with a knowledgeable broker from the Business Insurance Center, you will receive comprehensive guidance to make the best choice to fit your needs. In general, there are two scenarios to consider before purchasing a policy:

  • New Construction: If you are preparing to build a new structure and do not have any other property insurance policies already in place, then this policy can be obtained as a general contractor. Another option is for the owner to buy the plan. No matter who buys it, the terms, conditions, and policy limits should remain the same.
  • Renovation: Renovating an existing or expanding a building may not necessarily need a builder’s risk policy. Sometimes commercial property policies that are already in place may provide the coverage necessary for construction. Before discounting the benefits of a builder’s risk, be sure to speak with your insurance broker. They can consider the possible exposure issues that may warrant a different plan.

In the end, building codes may dictate what is required. Remember that before you begin work on the site, you may have to prove to local authorities that you have the appropriate insurance coverage. This may include builder’s risk.

Protection for Your Next Project from Dependable Builder’s Risk Insurance Providers

Ensure that your job site has the best type of coverage for your construction needs. The brokers at the Business Insurance Center have the knowledge and connections to provide you valuable protection at rates you can afford. We will discuss your needs and tailor an insurance package just for you. Since 1984, we have helped self-employed entrepreneurs and business owners with customized plans. Let us help you today.

Request a quote for builder’s risk insurance 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. We serve the entire United States.

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