What I Wish I Had Known About Builder’s Risk in Oregon

Builder’s Risk in Oregon is more crucial than ever. Reaching a record yearly average of 108,000 jobs last October, construction does serious business in your state. Is your business protected and prepared to compete in the market? Builder’s Risk is a policy that offers a strong safeguard against external losses, like wind, fire, rain and crime. But only if you know the ins-and-outs of the coverage and design it carefully.

Here are 4 facts about Builder’s Risk in Oregon that contractors wish they had known before starting.

1. Who’s Covered

It’s the contractor’s policy, but they’re not the only one covered. Subcontractors, owners and developers are often added as ‘named insureds’. Many contractors know this but don’t realize how strong a selling point it can be.

Transparency and collaboration in your protection plan creates an open, mutually-protected working environment. Meaning better conditions, better reviews and more clients.

2. It’s Designed to Suit Your Needs
   

   
   Over the 5 years, Oregon construction has seen some dramatic growth – particularly in commercial building, up almost 24% since 2015. It runs 3.5% above the national average for jobs, with specialized trades projected to grow 17% by 2027.

Bigger and more diverse projects mean your company has different needs and risks.
Thankfully, Builder’s Risk is easily customizable. Some great additions to Builder’s Risk in Oregon are:

• Temporary Structures – At $3000 a trailer-load, scaffolding is an expensive loss if damaged or stolen.

• Property in Transit – If you use expensive, specialized equipment and frequently shuttle it from site-to-site, it’s wise to get it covered.

• Soft Costs – The labor pinch continues in Oregon. It’s hard enough to get a project finished on time, without worrying about external damages holding things up, and incurring interest and advertising fees.

  We have professionals licensed and knowledgeable in Oregon construction insurance. We’ll get you the best possible policy at the lowest price.

3. Coverage For Vandalism and Theft

Many contractors worry more about the weather. But Portland has one of the highest crime rates in America, 62-in-1000 residents. Up to $1 billion a year is lost to site theft. It’s worth getting Builder’s Risk in Oregon for any expensive gear on-site or in temporary storage.

We’ll make sure your policy is airtight. With 20 years of experience, focusing exclusively on contractors, we’ll help you find a policy that gives you peace of mind.

4. Builder’s Risk Boosts Your Green Reputation

The global sustainable building market is projected to hit $364.6 billion by 2022. Mass timber projects like Portland’s Carbon 12 building and communities like USGBC Oregon are helping push the state to the forefront.

Many contractors don’t realize Builder’s Risk can be easily extended to include a ‘Green Building’ clause, which pays for any losses to clean air, renewable energy sources and debris recycling.  This is a great reputation-booster, grabbing you more clients in a market whose growth is inevitable.

Get  Your Builder’s Risk in Oregon Today

Contractors sometimes struggle to get their head around Builder’s Risk because there are many considerations. What they don’t realize is that a good agent makes it simple. At Builder’s Risk Insurance we offer several free, no-obligation quotes for the top insurance available in Oregon.

Check out our A+ with BBB and thousands of five-star reviews to see for yourself. Then give us a call on (877) 960-0221.