Builders Risk Insurance is a policy is designed to provide coverage for buildings while under construction. It covers the contractor’s interest in materials at the job site before they are installed, materials in transit intended for the job, and the value of the property being constructed until it is completed and accepted by the owner. The policy may be written to cover the whole structure for new construction or the cost of remodeling and renovation projects. It can also be used to cover specific projects, such as a new room addition, a deck, or a remodeled bathroom. 

Builders risk insurance usually is in the name of the contractor or the property developer; but it could also be in the name of the property owner if he is responsible for insuring it while the property is under construction. Both commercial and residential construction sites might be covered under a builders risk insurance policy.

There are also additional built-in schemes for the specialized needs of a particular construction project, whether it’s commercial or residential. Often, insurance companies request a certain level of experience of the builder before they provide insurance coverage for their commercial sites. Usually, an experience level of 2-3 years in commercial construction is desired.

An additional option that can be attached with builders risk insurance coverage is movement of earth. If the construction is extremely large, then the cost of moving earth from the digging site could amount to a great deal.

A builders risk insurance policy is essential for people who have a financial interest in property construction, either commercial or residential. It doesn’t mean only new construction, but also any remodeling or renovation project.

If any damage to construction material occurs in transit or during storage, then this cost could also be covered under a builders risk insurance policy.

Business Owners Package policy, commonly called a “BOP” contains many of the insurance coverage needed by most small businesses. While these policies are not standard, there is great variation from insurance company to insurance company; there are certain common elements. The basic BOP offers business property for both building and contents, and liability insurance protection for the operation of your business. This liability protection will generally include both the operation of your business, at its established location, and the liability from your products or completed operations.

Some, but not all of the policies, will also offer business income and extra expense protection after an insured loss. BOP policies do not contain all of the coverage needed by a small business. Notably they do not cover any workers’ compensation, professional liability, or business vehicle coverage.

Business interruption insurance is critical if your business suffers a property loss that could cause the business to slow or close down while repairs are made. This may mean a complete or partial revenue loss depending on the time frame and the damage.

From the time the loss occurs until your business is running again, insurance can replace your lost profits, and provide a source of money to pay your necessary continuing expenses, like rent, payroll, taxes, etc.

A commercial auto insurance policy is required under most circumstances when the vehicle is used for business purposes and meets certain other requirements. It is not just the registration that determines the requirement for a business automobile insurance policy. Other requirements are ownership by a corporation, use in hauling goods for hire and gross vehicle weight of the vehicle. Some small trucks can be owned and insured under a personal automobile insurance policy under specific circumstances.

Commercial automobile insurance policies are not regulated in pricing, as are private passenger policies. There is price competition between insurance companies for good commercial automobile insurance.

Commercial property insurance is a special type of insurance that covers the company building as well as the contents owned by the company. “Property” can include a variety of types: lost income or business interruption, buildings, computers, money, and valuable papers.

Under the liability policy coverage, the building should be protected from damaging events such as fire, burglary and vandalism. It may not be enough to cover just the building; the aftermath of such damage should be covered as well.

As a private carrier, you are responsible for hauling goods in your own truck for your company or employer. Whether you’re working in construction, excavation, manufacturing, or any other private carrier capacity, we have truck insurance solutions for you.

Primary Liability – Every trucker/trucking company who operates under their own authority is required to carry primary liability coverage on all owned units and either provide this insurance for their leased vehicles or insure that the leased operator carries it on their own.  Generally, the motor carrier provides this coverage for the leased operators but there are rare instances when this is not the case.

Cargo Insurance – Provides coverage for loss or damage to the property a truck is transporting (the load). Generally, though not always, provided by the motor carrier for leased operators.

Physical Damage (Collision, Specified Perils) – Provides coverage for repair or replacement for damage resulting from a covered loss (collision, fire, theft, hail, windstorm, earthquake, flood, mischief, or vandalism) to owned vehicles.

Occupational Accident – Product designed specifically for owner operators in the trucking industry. In most states, by being self-employed owner operators can opt out of state mandated workers compensation coverage. While not the same as workers compensation, occ/acc is similar in scope and intent. Most motor carriers require their leased operators to be covered either by workers compensation or occ/acc at the leased operators expense. For those who qualify, occ/acc is generally a lower cost alternative.