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Whether it be a home or business project, there’s a lot of risk when it comes to construction. So in order to help mitigate that risk, you’ll want a builder’s risk policy.
But if you’re not too familiar with builder’s risk insurance, it can be especially hard to know which company to trust to provide you with the right coverage.
But we’re here to help you have some more confidence in making your decision! At Berry Insurance, we work with several builder’s risk insurance carriers (some of which are highlighted in this article,) so we know a lot about what makes a good builder’s risk company.
Below, we’ll go over four of our favorite builder’s
risk insurance carriers, in no particular order.
1. Liberty Mutual Insurance
Perhaps the most well-known name on this list, Liberty Mutual, writes personal and commercial insurance in 29 countries and economies around the world, and is the 4th largest commercial lines writer in the U.S.
We specifically like their business insurance a
pproach, which has been around for over 100 years and involves comprehensive commercial and specialty insurance solutions, according to their website.
Their builder’s risk insurance program offers “a flexible, full-service approach to projects under construction, helping to protect the value of your project from unexpected losses.”
And if a client did ever have a loss, their claims process “focuses on mitigating loss and reducing downtime so your business and project can move forward.”
2. The Hanover Insurance Group
Founded in the mid-1800s, The Hanover Insurance Group has been writing business policies for more than a century and a half, and has expertise in a wide range of industries, including construction.
According to their website, their “Hanover Construc
tion Advantage insurance solution offers top-rated coverage at very competitive rates,” and their “underwriting, claims, and risk management professionals have worked with construction contractors for many years.”
Our favorite thing about Hanover is their proactive approach to risk management. They offer a variety of risk management tools and resources, including training and services and safety products all managed by consultants certified in fire protection, industrial safety, ergonomics, theft prevention and more.
On their website, they say, “We tailor our risk management approach to each organization and their industry. Our consultants connect with the policyholder to understand the business’s specific challenges and offer insight about emerging trends, experience and other factors impacting the policyholder’s industry.”
3. Zurich Insurance Group
Zurich Insurance Group has 25 years as a recognized industry leader in construction insurance, and 900 Risk Engineering professionals in 40 countries.
According to their website, “Zurich tailors Builders Risk cove
rages to the needs of a wide range of mid sized and large construction customers. We have a broad appetite for different types of projects, with specialized expertise in general building, infrastructure, energy, healthcare, government projects, and many more” and can tailor solutions to almost any construction need.
4. United States Liability Insurance Company (USLI)
A member of the Berkshire Hathaway family of companies, USLI is an A++ A.M. Best rated company that provides business insurance and value-added resources to help businesses strengthen.
According to their website, “USLI specializes in underwriting low premium, low hazard specialty insurance products and we are focused on being your go-to company for small businesses. We are committed to making a difference through well-designed products that are delivered to our end user with unparalleled speed, service and support.”
We personally love that USLI is flexible and offers certain ty
pes of builder’s risk policies other carriers don't -- specifically for vacant properties undergoing renovation.
Insure your project through a reputable builder’s risk provider:
We know deciding who to trust with your builder’s risk insurance ca
n feel like a stressful decision, but fortunately, you have options.
Chances are, many of the carriers above could have a policy that is right for your business!
Like we said, we actually work with several of the carriers above, so if you’d like to talk to somebody about insurance solutions for your Massachusetts home or business construction project, feel free to contact us!
But we’re sure you also have another question on your mind: “How much will this cost me?” To get some more insights, check out this article: How Much Does Builder's Risk Insurance Cost in Massachusetts?
