Category: Builders Risk Insurance Agency

If you work in construction, you may already understand the heavy costs associated with your work.

You may be familiar with the concept of builder’s insurance; however, you may not know some of the easiest ways to save money on your policy.

These tips will help you optimize your coverage in order to focus on the building instead of the financing.

Bundle Policies

Builder’s insurance typically covers property damage, theft, labor costs, disasters and other damages; however, it almost never covers human injury or workman’s compensation.

The first and easiest way to save money on builders insurance is to look for bundled policies as many firms can give you much better rates if you go to them for both of these policies.

If you need to add any additional plans, such as covering an office or vehicles, grouping everything together can improve the savings further.

Assess the Risk

Most builders insurance providers will recommend covering 100 percent of your materials and labor costs; however, this is not always a universal truth.

If you get a risk assessment, you will find that different jobs have different insurance needs.

You should never need more than 100 percent coverage, but knowing when you can safely reduce coverage is a great way to earn back revenue.

Get Regular Audits

Audits never feel simple, yet to an experienced builders insurance agent, they are routine.

Consider regular audits to look for mistakes or poor estimates in your financial reports.

Imperfect cost analysis can hit you on both ends of the spectrum by convincing you to buy too much builders insurance coverage and leaving you high and dry if/when you purchase too little.

There are plenty more ways to save on your builders insurance policies, so search the internet to see many more opportunities to get the best coverage that meets your business needs.

Clients love the idea of building their new, pristine dream home, but many of them have no idea what they could be in for.

Help them out with a great builder’s insurance policy to help them stay safe and get the home they really want.

What Is Builder's Risk Insurance?

Builders risk Insurance is different from other policies as it only protects structures that have yet to be completed.

It can protect against accidents on scaffolding or from ugly graffiti, depending on which state you’re located in.

To know exactly what type of builders risk insurance is offered in your state, be sure to review your area’s insurance statutes and laws.

Keep your clients informed about what options are available to them throughout the building process and when they are no longer in play.

Remember, builders risk insurance policies are short-term; most are only for 3 to 12 months, so you will have to tailor a policy according to the project and its needs.

What Insurance Statutes Apply?

Another major fluctuation is the right the actual builder has on the property.

Again, this will need review as it changes from state to state and the level of builder’s rights can surprise you.

Direct your clients to trustworthy workers and corporations to help them keep control and feel secure.

Be sure to vet a builders risk insurance company to see how dependable it is for your customers.

Do You Need Homeowners Insurance Coverage Before Building?

The new home owners may be required to present a complete and thorough homeowners insurance policy prior to being allowed to build on their land.

You can find a good breakdown of a typical homeowners insurance policy on the internet.

Insurance Keeps Homeowner and Builders Protected!

Your clients and the builders working for them will all breathe a sigh of relief when they know the project at hand is properly covered and ready for anything.

Help everyone stop stressing and get back to work by keeping yourself updated and informed on new builders risk insurance policies in your state.

Your hard work will put on a smile on everyone’s face.