Construction is an inherently high-risk industry. You need Builder’s Risk, and you probably have a basic policy you think is good enough. But with the array of policies and extensions available, are you sure your cheap Builder’s Risk Insurance brings the most value to your company?
Getting cheap Builder’s Risk Insurance means being aware of your company’s needs, and being able to tailor a policy around those. Let’s look at a few ways you can do that.
Know what a typical policy covers
Builder’s Risk isn’t standardized. There is no baseline policy that every provider follows.
Most policies will cover damages from:
- Rain, hail or lightning
These are covered on-site. The time frame is set by you, and your policy will typically be for 3, 6 or 12 months.
Know where else you’re vulnerable
The main purpose of Builder’s Risk is to cover damages beyond anyone’s control. These seem kind of hard to plan for, right? But each construction company has high exposures to certain hazards. Different environments, different equipment, different kinds of jobs. These all affect the balance of risk. Maybe your company vehicles often cover long distances. Frequent transit makes your property more vulnerable than that of a company operating closer to their sites.
This is one of many vulnerabilities you may face without realizing. That’s where we can help. Farmer Brown’s knowledgeable insurance agents can advise you about coverage you really need.
Know what’s usually left out
There could be excluded vulnerabilities you’re not aware of. Depending on where you work, the work you do and which providers you contact. It’s wise to check.
Earthquakes are a common exclusion from your basic Builder’s Risk Insurance. You’ll be fine without coverage in Florida, unshaken in 14 years. But what if you operate in California? With 2-3 big tremors annually, your company is exposed to more risk.
You can get cheap Builder’s Risk Insurance that doesn’t leave anything out. Farmer Brown is licensed in all 50 states and provides expertise in each market. We’ll get the maximum out of your policy at the minimum cost.
Know what isn’t covered by Builder’s Risk
Even if you’ve found good, cheap Builder’s Risk construction insurance, it won’t cover everything. Contracting is a dangerous business and needs several types of insurance.
You will save the most money by being mindful of the main policies you need:
- General Liability pays legal, repairs and medical bills if your company is responsible for damages to persons or property.
- Workers Compensation pays for medical fees and lost wages if your employee gets sick or hurt on a job.
- Commercial Auto extends liability coverage to your vehicles, covering damages caused by cars, vans or trucks.
Get cheap Builder’s Risk Insurance
Knowing the ins-and-outs of your insurance can prevent huge losses from damage payouts and needlessly high premiums. Our insurance agents have specialized knowledge of all the policies that contractors need.
We can get you cheap Builder’s Risk construction insurance that keeps your business safe – and more. With 20 years of experience in the industry and an A+ rating with BBB, we’ll help you pay the least for the most effective coverage. Give Farmer Brown Insurance a call at 888 973 0016.