During the course of construction, California contractors are exposed to different risks. Builders’ risk insurance is your first line of defense to protect your business from financial strain due to damage and losses.
Contractors need a professional insurance agent to determine the risks and provide the right builders’ risk insurance for their business. Stampede Insurance Services partners with contractors and builders to assess these risks and provide the best solutions.
Builders’ risk policy, also known as course of construction insurance, is a specialized type of property insurance that helps protect buildings on a construction site. Implementing a well-structured builder’s risk insurance policy is crucial for many reasons.
A builders’ risk policy protects builders and contractors from losses to property and financial assets in the event of an incident. Losses may occur to the property or structure and may also include the materials on the job site. Our agency will help protect you in the event of a fire, flood, or theft.
You may also opt to have additional coverage in losses due to project penalties or unexpected costs, like taxes. Builder’s risk insurance helps protect construction projects from property damage due to:
A basic builder’s risk insurance policy isn’t limited to the completed structure. It may also cover other elements of the construction, such as:
Any person or company with a financial interest in a construction project needs this specialized form of insurance. Be sure to include persons involved within the company as well. The following may be added to the coverage options as well to get the best policy:
A builder’s risk insurance policy helps protect your construction projects from property damage. If the property damage causes a delay, it can also help cover soft costs or expenses not directly related to construction. This can include:
Because every construction project is unique, each builder’s risk policy is different. It would be best to customize your policy to fit your project’s needs by getting coverage extensions. Common extensions include protection for:
Builders’ risk insurance can be complex and is often misunderstood, that’s why you need the expertise of skilled agents to walk you through the process.
We leverage a partnership approach to find the right coverage for your specific needs. No matter the project, no matter the size, our experienced agents will help you find the best policy to fit your business.
Stampede Insurance has a partnership with 29 insurance companies to find the right policy for different businesses across various industries. When you’re ready to find out more, we can help provide a free no-obligation quote.
At Stampede Insurance Services, our consultants will help determine your needs and risks by evaluating your project. Your tailored policy may include:
The million-dollar question. The answer isn’t simple, and it all depends on your specific needs. Every builder’s risk insurance policy differs, so costs will vary depending on your needs. Your policy may need more coverage, or you may need to add extensions to help protect your construction project. These factors play the biggest role in the cost of your policy:
A good rule of thumb is to choose coverage limits that are equal to the anticipated cost of construction. So, if your project has a high cost, it could result in a higher insurance rate.
In addition to builders’ risk insurance, owners of construction companies can also avail of other policies. Most businesses typically carry a combination of insurance policies for maximum protection.
Professional liability insurance (PLI) is a form of liability insurance necessary to help protect businesses in the service or consultant industry. A claim of negligence can be very damaging to a growing business, and if the claim results in monetary damages can be catastrophic.
Commercial auto insurance insures your vehicles for physical damage and liability coverages for amounts, situations, and usage not covered by a personal auto policy. This type of business insurance covers a variety of vehicles and is also referred to as commercial car insurance, truck insurance, or fleet insurance.
We know that a protected workplace is a safe and secure one. As a California employer, you have an obligation to ensure a safe workplace, and the law requires a business to have workers’ compensation insurance to protect you from those unpredictable occurrences.
Builder’s risk insurance policies can vary significantly between providers. To ensure that you receive the coverage you require, carefully read insurer quotes and partner up with a trusted insurance broker.
It can be challenging to find the right policy for your needs, especially when you have other things to focus on in your business. Stampede Insurance is here to help, and our licensed agents will help guide you through the process from start to finish.
Contact us today to learn more about your insurance needs in Pasadena, California, including Anaheim, Long Beach, Los Angeles, Riverside, and San Bernardino.
We are also licensed in Alabama, Arizona, California (#0H18184), Florida, Kansas, Kentucky, Louisiana, Mississippi, New Mexico, Nevada, Oklahoma, and Texas.