Estimated insured property losses caused by U.S. catastrophes 2012
of total construction budget is what an average policy costs.
I have been a client of Berry Insurance for over 30 years and have always been satisfied with their service. I have worked with our account manager for over 5 years. She has always been professional, friendly, and thorough. She always addresses my needs and questions in a timely manner. They are a company that provides service and problem resolution with professionalism. - Johanne F
Building your new office building is exciting and a large investment for your business. When building a new commercial space, we want you to think about the branding and the cubicles not the risk of what can happen to a partially built building. Builders risk insurance covers your commercial property during construction, renovation or reconstruction. Imagine you are building a new office and a fire occurs, burning your half-built store to the ground. The expense of the time and the materials would all be lost. A builders risk policy covers your business from unforeseen damages such as these.
Alternatively if you are a contractor, you may need to purchase builders risk to engage in certain projects. Builders risk can also cover flood, earthquake and vandalism of the project. If you are investing in upgrading or building a new office building, making a small investment in builders risk will make sure your investment is protected and will save you a great deal of headache and expense.
If you are acting as your own general contractor, you still need builders risk.
You can buy builders risk in short term and long term policies. Also, some carriers allow you to cancel your policy early if the job is complete.
Even if the contractor doing work is insured, unless you have a contract with the contractor and require them to purchase the coverage, you could be left unprotected.
More often than not your business owners or commercial property policy will not cover damages. Check with our office before you start any project.