If you’re in the construction industry, then you’re going to rely on builders liability insurance to protect your company’s assets. With builders insurance, you’re going to reduce your financial losses if an accident occurs during development.

A builders risk insurance policy will likely cover all materials, machinery, supplies and fixtures used during a commercial or residential construction project. Builder risk insurance will typically extend to general contractors, construction managers, owners of large construction projects and design-build firms.

1. Find out the services and coverage offered by a builders risk insurance policy. You’ll want to see what materials and machinery retain coverage as well as coverage amounts.

2. Locate carriers that offer insurance for builders. Since it’s a specialty risk, not all business insurance companies will extend this coverage.

3. Receive a builders insurance rate. Builder’s insurance cost will help make your cost versus risk assessment.

Action Steps
The best contacts and resources to help you get it done

Find commercial and home builders insurance companies

You're going to want to work with a company that has plenty of experience with handling these types of insurance accounts. Many carriers will have an entire department devoted to builders insurance policies.

I recommend: If you need to find a company to insure your construction project, contact the Builders Insurance Group. The firm can go over their available policies and determine your eligibility. You can also find an agent for your company on Builders Mutual Insurance, an award winning insurance agency. Select your state from the site’s menu to receive contact information on local builder construction insurance agents.

Go over the inclusions of builders risk insurance coverage

Most policies that fall under a builders risk insurance plan will cover property damage that occurs during a construction project. If you're looking for a policy that covers injuries, then you may need to look into builder general liability insurance options instead.

I recommend: Look through the different coverage and program options offered by Zurich under their builders risk insurance. They can also help correctly assess your risk prior to purchasing a policy. Determine which insurance type suits your business on Builders & Tradesmen’s Insurance Services. Options include general liability, worker’s compensation and residential builder’s risk insurance plans.

Receive an estimate on builders insurance cost

You'll want to gather several quotes before you decide on the builders insurance company that you want to use. Since most construction projects have a pre-determined timeframe, you'll want an estimate that includes coverage throughout the duration of the project.

I recommend: To receive a quick online quote for builders risk insurance coverage, fill out the form on Omni Builders Risk. Acquire multiple quotes on builder risk insurance through InsurancePoliciesOnline.com.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  For property renovations, you may not need a home builders insurance policy. The existing property insurance may cover the losses that occur during the construction period. Read through the current policy to determine whether or not coverage is required.