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Tuesday, March 1, 2022

Builders Risk Insurance - Have the Right Coverage for Your Construction Project

Whether you’re building a new football stadium or a tiny storage shed, every construction project faces the same kinds of problems that can suspend operations. Finishing on time and under budget will keep you and your clients satisfied. Having the proper coverage every step of the way helps the job get done right.

It's important to get equipped with the right builders risk insurance before a project ever begins, and an independent insurance agent can help. Your builders risk insurance will be simple and easy to obtain with the help of a local trusted advisor, and will aid in the success of your project.  This article is compliments of Trusted Choice.

What Is Builders Risk Insurance? 

Builders risk insurance is a special form of property insurance designed to protect construction projects in progress. Coverage will reimburse to repair, replace or recover the current value of a construction project. This includes coverage for various common disasters such as fires, theft, labor costs and storms. 

As a builder or building owner, having the proper builders risk policy in place could save your project (and you) thousands of dollars in expenses. 

Builders risk coverage protects construction projects against the following perils:

  • Theft
  • Vandalism
  • Fire
  • Lightning
  • Hail
  • Explosions
  • Hurricanes

Builders risk insurance allows projects to be completed by their original deadline, and construction workers to have peace of mind knowing their materials are protected.

Types of Builders Risk insurance

Now that you have a brief overview of what builders risk insurance is designed to protect against, it's time for a larger breakdown of the many types of coverage commonly offered by this product:

  • Equipment breakdown: Protects property and equipment from mechanical breakdowns, as well as the explosion of steam boilers, and more.
  • Ordinance and lawProtects against increased rebuilding costs due to ordinances or laws that regulate construction of damaged structures due to covered losses. 
  • Identity restoration: Protects against identity theft of the business owner.
  • Building coverage: Protects the building under construction, and structures already completed for the project. Swimming pools, storage buildings, fences, retaining walls, and more are covered. Personal property used to maintain these areas is also covered.
  • Commercial general liability (CGL): Protects builders against lawsuits filed by third parties for claims of bodily injury or property damage, or advertising injury. CGL insurance is not always included in builders risk policies, so make sure to ask your independent insurance agent about getting coverage that provides this highly important protection.

An independent insurance agent can further explain the types of builders risk coverage and help you determine which options make the most sense for your needs.

To help you through the maze of coverages, carriers, premiums, and find ways to save money on your insurance, contact your Trusted Choice agent, SouthGroup-Gulf Coast , SERVICE TEAM: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Denise Russell, Melissa Moran, Alex Treutel, Mark Strickland,  Anne Gillam, Michael Scardino, Joey Eagle, Cody Barnes, Wendy Butler and Melinda Teaford at SouthGroup Gulf Coast. You can reach us by snail-mail: 412 Hwy 90, Suite 6, Bay St Louis MS 39520 or 2505 Pass Road, Biloxi MS 39531;  email:, phone or text:228-466-4498 or 228-385-1177, fax:888-415-8922, FaceBook We have 2 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi and 412 Hwy 90 Ste 6-Bay Saint Louis, MS.

We offer the following Lines of Coverage: Workers Compensation, Auto, Home, Life, Health, Disability, Motorcycle, Boat, Wind, Flood, Commercial Property, General Liability, Directors and Officers Liability, Bonds, Group and Individual Life/Health/Dental/Disability/ Vision/Long Term Care, Business Owners, Builders Risk, Commercial Crime, Errors and Omissions, Dwelling Fire, Commercial Flood, Group Accident, Garage Dealers, Inland Marine, Law Enforcement Liability, Pollution Liability, Professional Liability, Personal Umbrella, Commercial Fire, Commercial Umbrella, Excess Flood, Identity Theft, more…

We serve Mississippi, Louisiana, Alabama, Florida, Georgia, Tennessee, Texas and many other states. We specialize in coastal exposures.
Insurance is stressful, but we make saving easy.  We help you save money on insurance!
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