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Builder’s Risk Insurance, also referred to as Course of Construction, is a form of insurance which covers a building where the building is presently being constructed.
The builders risk insurance policy will pay for damages up to the coverage limit. The limit must accurately reflect the total completed value of the structure (all materials and labor costs, but not including land value). The builders risk policy will provide coverage for damage done to the insured structure from a wide variety of events.
Damage from the following events will be covered by most policies:
Wind (may be limited in coastal areas)
Business Owners Insurance
Business Owners Insurance, or BOP Insurance, combines some of the basic coverages needed by a typical small business into one standard package at a discounted premium. A Business Owners Policy (BOP) combines several types of commercial insurance, including General Liability and Property Insurance allowing small to medium sized businesses operating in a low-risk category to get the needed coverage in one policy.
Commercial Auto Insurance
Commercial automobile policies cover the cars, vans, trucks and trailers used in your business. The coverage will reimburse you if your vehicles are damaged or stolen or if the driver injures a person or property. If your business owns a car or truck, or a fleet of vehicles, you need Commercial Automobile Insurance.
No matter how careful you are, things happen that you cannot control. For this reason, contractors need to purchase general liability insurance. The insurance typically protects the assets of the construction site against lawsuits stemming from injury or death, damage to property, equipment failure, theft, fires, explosions, and contractual liabilities. Before purchasing general liability insurance, make sure you fully understand the exact coverage offered. Coverages will vary from policy to policy and state to state.
Surety & Bond Programs
A bond is given to protect the recipient against loss in case the terms of a contract are not filled; a surety company assumes liability for non-performance.
Workers Compensation Insurance pays for medical care and physical rehabilitation of injured workers and helps to replace lost wages while they are unable to work. It may also provide benefits for dependents of those workers who are killed because of work-related accidents or illnesses.
Wrap-up insurance is a liability policy that serves as all-encompassing insurance that protects all contractors and subcontractors working on large projects costing over $10 million. Wrap-up insurance is important because it avoids the need for every contractor and subcontractor to obtain their own liability insurance. This prevents gaps in the coverage or insufficient limits, effectively making sure that all of the liability risks are covered adequately. In an Owner Controlled Insurance Program (OCIP), all construction, materials, hazard, workers' compensation, environmental, terrorism, and other building-related insurance is purchased by the property owner as part of a single policy from a single insurer.