For those in the construction business, builders liability insurance is an absolute must. All it takes is one error and allegation to bring about a massive lawsuit.
It’s important that home construction and renovation companies protect their workers with great insurance. The right plan can potentially save millions and keep a business running.
But a quick search of the phrase ‘builders liability insurance’ comes back with thousands of results. Which is the best coverage and which should be avoided?
Navigating the world of liability insurance is tough, so read on. Here are a few important factors to look into when considering liability insurance.
Comprehensive Coverage
Above all else, a good builders liability insurance plan needs to be comprehensive. But one business’ definition of ‘comprehensive’ could be drastically different than their counterpart’s.
Ultimately, this is best decided by a business owner on a case-by-case basis. Factors like the number of employees, type of construction, and experience matter.
Smaller companies may not need as much coverage as a company with more builders, for instance.
It’s always a good idea to overestimate how much liability insurance should cover. In case of a lawsuit, it’s always better to have too much coverage rather than not enough.
Timely Communication
When something goes wrong, it’s pertinent that a provider is able to be reached easily. Therefore, make sure to take special note of a provider’s communication skills.
If it takes days to get a quote, it’s likely going to take even longer to fill out a full-on claim. When something goes wrong, waiting for even a few hours can feel like an eternity.
Fantastic Customer Service
A little bit of research can do a ton of good, so be sure to read up on a company’s history. Thankfully, there are tons of review sites, so there shouldn’t be a shortage of info out there.
Of course, it never hurts to directly check with the Better Business Bureau. Their site provides plenty of details on a company’s business practices, including a helpful grading system.
Honesty and Transparency
Finally, it’s important to work with a business that’s trustworthy. But sometimes it may seem difficult to take a company at their word.
While using reviews is a fantastic way to get the skinny on a company, their website can be helpful, too. If their homepage seems like nothing more than a sales pitch, it’s likely that they’re not the best choice.
Look for companies that value virtues like transparency and honesty. Take Pom & Associates, for instance.
Sure, there’s plenty of great copy on their homepage. But they also included a fantastic introduction video that lets viewers know what the company is really about. It may seem silly, but sometimes putting a face to a brand can really make a difference.
Final Thoughts on How to Find Great Builders Liability Insurance
Finding a great policy can seem impossible. But stick to it, and remember these helpful tips. Builders deserve better, so make sure they’re properly covered.
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