What is builders risk insurance?
Builders risk insurance can be complex and easily misunderstood, as coverage and policies vary from one insurance company to the next. But in a nutshell, builders risk insurance is property protection for your construction project, from start to finish.
It protects the building or structure, as well as any materials, supplies and equipment used in the course of construction. A builders risk policy can be purchased by the contractor, the building or business owner, or even a lender, and may also cover the architect or engineer involved.
Once your project is complete, your builders risk insurance policy would end, and you’d want to consider a commercial property insurance policy to continue protecting your investment.
How a contractors all risk insurance claim can impact you
Unfortunately, the “unexpected” happens more frequently than we’d like. Especially with construction projects. Having the right insurance can help alleviate the incredible financial burden of a claim.
Of businesses are affected by a
burglary or theft
Of businesses are affected by
wind or hail damage
What is (and is not) covered by
builders risk insurance?
Just like every construction project is different, no two commercial builders risk policies are alike. Each policy has limitations, exclusions, and additional optional coverages that you’ll want to be aware of and have customized to fit your needs, before you break ground.
What is typically covered?
Building repair/replacement- Materials and supplies
- Tools and equipment
- Furniture and fixtures
- Outdoor property
- Debris removal
- Property in transit or off-site
- Damages from earthquakes (optional)
- Damages from flood (optional)
- Soft costs (optional)
What is not typically covered?
Accidental damage (i.e. dropping something- Damages to someone else’s property
- Intentional property damage
- Wear and tear
- Employee theft
- Claims of bodily injury
- Work-related injuries or illnesses
Got builders risk insurance questions? We’ve got answers.
Builders risk insurance may not be required for your project (unless you have a loan), but it is something you should consider. Let us help you decide whether this coverage is right before your project begins.
What makes you different from any other independent insurance agency?
As a business ourselves, we understand what keeps you up at night, because in all honesty, those same things keep us awake too. Our goal is to help you sleep a little better, by providing a consultative approach to not just your insurance needs, but also many other areas of your business.
Our clients have access to an online HR platform to help you satisfy regulations and build templates for documents and forms you need in your business. We also provide an online risk services tool, which can supply you with safety tips, business assessments, and industry tips to keep your employees safe and productive.
Bottom line? You are more than just a client to us. We want to help you grow and thrive in your business, and we are always seeking ways to help you do just that.
Do you have other clients like me (in my industry)?
We love this question! And the truth is, no we don’t. We help many businesses, in many industries, some the same as yours. But none of our clients are just like you, as you have your own business philosophy and goals that are unique to only you.
But don’t let that scare you. We take a thorough risk management approach to every business we work with so that we can best understand your industry and your unique needs. Our team has 50 years combined experience and works with dozens of insurance companies so that we can customize a program to fit what matters most to you.
How do I know if I have enough insurance / the right coverages?
Great question! What is right for you and your business today might not be right for you a year from now. During our discussions together, we’ll ask you questions to help us get a good feel for your current situation so we can present you with options to fit your needs. And we’ll also present you with other recommendations to consider (perhaps commercial umbrella insurance, or cyber liability insurance).
Only you can decide what is the right coverage for your business. There are some minimum coverage recommendations we will make, but ultimately, it’s your call. Just don’t forget – as things change in your operations, your insurance should likely change as well.
How do you pick which insurance company to place me with?
We know that you have options when it comes to buying insurance. There are many insurance companies and even more insurance agencies to choose from. At Pacres Atil Insurance, we have access to dozens of insurance companies that deal with commercial businesses.
You should feel confident in that we only work with insurance companies that have a strong reputation, and an equally strong financial rating, so that we know they can pay your claim. We also find working with a good balance of both regional, national and speciality carriers allows us to customize the best insurance plan for you – both with good rates and great service.
After we’ve learned all about your business and your unique insurance needs, we’ll shop around to find you the best insurance company to offer a program customized to you and your business.