Do all contractors have to have Builders Risk Insurance?
In general, the law does not require you to have a Builders Risk Insurance policy. However, if you do not have this policy, most of your clients will refuse to work with you. Your clients highly value this insurance because it is a sign that you will take care of their property. During a construction project, many types of losses could occur, including financial loss. If you have this insurance policy, you will have some peace of mind. As a builder, buying insurance is one of the best things you can do for your business.
How long does a Builders Risk Insurance policy last?
In general, the duration of the policy is 6 months to 1 year. However, if there is no claim during construction, you can renew the policy very easily. Is it time to renew your insurance? We can help.
Does Builders Risk Insurance provide liability coverage?
Builders Risk Insurance only provides coverage for property damage. It does not provide coverage for liability. If, as a general contractor, you need coverage for liability, you can consider buying a general liability insurance policy too. The cost of this project is not very high. Every contractor needs different insurance coverage. For an assessment and advice on the best policies for your needs, contact us (877) 960-0221. We’ll be happy to walk you through, answer any questions you have and get you the affordable policy you really need.
Does Builders Risk Insurance provide coverage for theft?
Yes, there is coverage for theft, but the extent depends on your particular Builders Risk policy. In some policies, the Builders Risk coverage does not go beyond the amount of the policy. In other words, they provide limited coverage for theft.
Some insurance policies don’t provide any cover for theft. At Builders Risk Insurance, we know that theft is a primary concern for contractors. This is why we make sure that your Builders Risk Insurance policy covers theft.
Can anyone buy Builders Risk Insurance?
For any insurance, there are terms that you have to adhere to. You have to meet some extra requirements to buy a Builders Risk policy. As a builder, you must have 2 years of experience in your field of expertise.
Also, your project should have an insurable interest. When buying insurance, you have to provide basic information about your project to the insurance agency. One of our agents will tell you what information you need to provide. Just give us a call now (877) 960-0221
How much does a ground-up construction policy cost?
Several factors determine the cost of a ground-up construction policy. The locations of the construction project and construction materials are two important factors. If the project is 50 miles away from the coast, the cost is $200-$500 per $10,000. If you want to save money, taking a higher deductible can be a good idea.
We have 1 simple goal here at Builders Risk: to provide first-class customer service and the best rates to match. We work with over 15 carriers to search for the best coverage and rates across all 50 states in America. In covering all 50 states, we ensure to personalize each plan specifically to you, your business needs and location.
We guarantee Class A satisfaction when shopping with Builders Risk which is why we only affiliate with Class A companies who can deliver policies in less than 1-Hour.
One of the fastest growing providers of liability coverage on the web, offering insurance quotes to all types of contractors in the United States.
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Please click the instant quote button to begin building your project estimate for Builders Risk Insurance or simply give us a call. We’ll be happy to walk you through, answer any questions you have and get you the affordable policy you really need.