It’s an indisputable fact: You’re a good person – no, great. As the upstanding citizen you are, you’d never think to steal from another person. Of course not! Feeling pretty awesome about yourself now, right? Well, we want you to put those angelic intentions of yours on pause.
Now that your inner baddie has been evoked, it’s time to get in the mind of a robber. Sure, you might not have an all-black ski mask or the ability to crack a safe in a snap but thinking like a criminal is the best way to assess the risks you face as a homebuilder.
Imagine this … you have the option to steal from two different homes. One is well-lit, locked up and occupied with a family happily inside. The other is still just a darkened construction site, unsecured but still full of valuable materials free for the taking. Which are you going to target?
Yeah, it doesn’t take a criminal mastermind to solve that riddle. Someone who loves a good five-finger discount is just one everyday threat you face as a contractor. Then there’s fire, hail and wind. Oh my!
Making matters worse, protecting both yourself and your clients isn’t always easy. However, it can be when you add Builder’s Risk Insurance to your toolbelt.
Still not sure if you should make the investment? Maybe you’re even wondering why you need Builder’s Risk Insurance? Here are four benefits that come from this extra coverage according to Kyle Swinicki, a Construction Risk Services Account Executive with SilverStone Group.
Who’s at fault? Wonder no longer.
Accidents happen. Life happens. Sometimes ? just hits the fan. It’s inevitable.
The worst thing that could come next is finger pointing or blame shifting. Unfortunately, that seems to be inevitable, too. If only the subcontractor had better secured materials, theft could have been avoided. If only your team member was more careful, damage never would have happened. If only, if only, if only …
But blame can also shift towards the contractor. Uh oh. That’s you. So, why is Builders’ Risk Insurance important? It protects everyone involved in a project. The client? Covered. Contractors? Covered. Subcontractors? Covered! Consider eliminating drama covered.
Comprehensive coverage is the best coverage
“Builders’ Risk Insurance is the most comprehensive coverage available,” Swinicki said.
You heard it here first.
For new, ground-up construction, Builders’ Risk Insurance protects against losses and damages, including theft of materials that will become a part of the permanent site (take that, bad guys!), wind, fire and hail. Renovation work on an existing structure (but not the structure itself) as well as items included in the contact cost while in transit or stored somewhere other than the jobsite are also covered. See, Swinicki wasn’t joking when he said comprehensive.
Want more? You can get more. Additional coverage can even be purchased to protect against equipment breakdown, testing of HVAC or electrical systems, floods and earthquakes. Hear that Mother Nature? You’ve met your match.
Your voice matters in this claims process
If you’re a contractor who regularly heads up big projects, chances are you like control. As you should! There’s a lot you’re responsible for. You’ve got teams to manage, multiple jobsites to check and to-dos that need to be to-done. The last thing you want is to not have control or a say when it could matter most.
“It’s important to hold or be listed on a Builders’ Risk Insurance policy so as to have a hand in the claims process,” Swinicki said. “Otherwise, in the event of a loss, you have no way of deciding how to proceed financially.”
Best rates ever
Speaking of finances, there’s a way you can purchase Builders’ Risk Insurance at a rate that’s lower than low. Where, you say? Right here from your project management pals at Buildertrend. Through a partnership with SilverStone Group, we offer a ton of value for very little, including:
- A .14 cent per $100 group rate with a quote available at all times. It’s the best rate, period.
- Streamlined, secure and super quick binding process through a Buildertrend account.
- Reliable and responsive customer service. Real humans standing by.
Even better, rates are based only on the cost of each job. Plus, you have to apply just once then you’re set for all future policies. So, you’re saving both time and money. Cha-ching.
Risky business no more
More than likely, you don’t need to play pretend robber to realize the risks you face as a builder. You’ve seen them firsthand.
Securing protection for any construction masterpiece doesn’t make you overly cautious. It makes you smart. If you care about budgets, positive word-of-mouth, meeting deadlines and looking like you give a ?, Builders’ Risk Insurance is a no brainer.
The cost for peace of mind is priceless. Or, at least really, really cheap when you trust us and SilverStone Group to help protect you. Start by getting a super quick quote here.
Now when the next shark-filled tornado hits, you can rest easy.