• (877) 960-0221
Risk Management for BuildersRisk Management for BuildersRisk Management for BuildersRisk Management for Builders
  • Home
  • Builders Risk
  • FAQ
  • About us
  • Reviews
  • Contact
  • Blog
  • Call Us 24/7 (855) 597-1921
English
  • Spanish
INSTANT QUOTE
✕
Construction insurance in Atlanta
Who Needs Construction Insurance in Atlanta, GA?
February 24, 2020
Builder's Risk for Painting Contractors
Is Builder’s Risk for Painting Contractors? Find out!
February 26, 2020

Risk Management for Builders

February 25, 2020
Categories
  • Blog
  • Builder's Risk
  • Building Under Construction Insurance
  • Course of Construction insurance
Tags
  • benefits of Builder's Risk Insurance
risk management for builders

Risk Management for Builders is a daily worry for anyone in the construction industry.  If something unexpected happens, it can deliver a knockout blow to your project or your company. Furthermore, is your construction business strong enough to withstand a financial crisis that comes with it?

What are construction risks?

Here is a rundown of the possible risks that a builder has to deal with:

  • Theft and vandalism
  • Coastal winds
  • Fire eruption
  • Miscalculation of resources required
  • Natural risks like lightning strikes, hailing and floods
  • Accidents involving aircrafts
  • Accidents involving motor vehicles
  • Project mismanagement

How much does construction site theft cost contractors?

The National Equipment Register says that the money that the construction industry loses to construction site theft amounts to a whopping $1 billion. Moreover, as a professional contractor you rely on your tools to get the job done. Furthermore, if they’re stolen, you have both the expense of replacing them, and the expense of penalties for any project delays whilst you are doing so. The question is, can you get insurance that covers theft of your tools?

Builder’s Risk Insurance covers the equipment, tools and materials that you have transported to the site for installation or you have yet to transport to the job-site. 

What is Builder’s Risk Coverage Limit?

Insurance policies pay for damages according to your coverage limit. Your construction budget is the best source to determine the coverage limit. Moreover, it usually reflects the total value of the structure upon completion, the cost of labor, and the cost of all materials used in construction. 

One important thing is that coverage limit does not include the value of the land. Your Builder’s Risk Insurance policy is usually written in the range of three months, six months, and 12 months. As such, if the project remains incomplete upon deadline of the first policy term, you can get an extension. 

What are Standard Exclusions?

Builder’s Risk Insurance carries standard exclusions such as water damage, weather damage, earthquake, government action and mechanical breakdown. This list is not conclusive. 

How Much Does Builder’s Risk Cost?

On average, a Builder’s Risk Insurance policy costs one to four percent of the cost of construction, but it changes according to the exclusions and coverage limit your policy has. Moreover, project location and construction material are generally the two major factors to determine the cost. 

Get information and advice on risk management for builders from Builder’s Risk Insurance. Furthermore, our insurance company is one of the largest and the most reliable online. Call us at (877) 960-0221. We are here to help.

Share

Related posts

Five Tips to get a New Construction Insurance Policy in 2022
January 20, 2022

Five Tips to get a New Construction Insurance Policy in 2022


Read more
5 Builder's Risk Secrets for New Contractors
December 9, 2021

Risks You’re Taking By Operating Without Builder’s Risk Insurance


Read more
Is Builder's Risk Insurance necessary for Roofers?
December 1, 2021

Is Builder’s Risk Insurance necessary for Roofers?


Read more
builders risl logo white

Our agents write hundreds of Builders Risk policies a month. Get a policy, with a lower cost than a local agent, customized to suit your business’ needs. We will save you time, money, and you’ll avoid all the hassle.

Contact

21750 Hardy Oak Blvd
Ste 104 #58548
San Antonio, TX
78258

Phone: (877) 960-0221
Phone: (866) 539-0672
Mail: [email protected]
Quote Now

Links

Home
Builder Risk
FAQ
About Us
Review
Contact
Blog

Languages


  • English

Partners

Contractors Liability

Farmerbrown

Cookies policy | Sitemap
All rights reserved builders risk®
INSTANT QUOTE
English
  • English
  • Spanish