Your clients need builders risk insurance to fulfill their contractual obligations and to protect construction sites from unforeseen losses. When you partner with a carrier to offer your clients the builders risk they need, don’t make the mistake of thinking that one provider is the same as any other.
Just as you have many choices when it comes to auto, home, life or health insurance providers, you have a number of choices for who you choose as a builders risk provider. When your clients shop around, looking to purchase a policy based on lowest premium alone, it can lead to buyers’ (and agent’s) remorse. Not only might there be unpleasant surprises about what the policy actually covers when it’s time to file a claim, but levels of customer service can vary widely between providers.
Here are some of the key things to look for when selecting a provider for builders risk insurance:
Specialists. Choosing a provider that actually specializes in builders risk insurance would be prudent, rather than choosing one whose main focus is another line of insurance. Specialists have the industry knowledge and experience to provide specific answers and in-depth information when you or your clients have concerns.
Service and efficiency. Select a provider that will make your job as an agent as simple and easy as possible, by allowing you to submit applications and claims online quickly and easily. You also want a provider that offers superior service to your clients, ensuring their satisfaction with every interaction.
Fast and fair claims handling. Speed matters when it comes to paying covered claims. Look for a provider that is committed to handling all claims in a fast and fair manner.
Stability and range. Make sure the provider you’re partnering with is solid and stable, and that they offer coverage to clients in the geographical areas where your clients could potentially need coverage today, or in the future.
Comprehensive product. Choose a provider that offers a flexible product, one that can be tailored to meet different clients’ needs. A standard, cookie cutter product will typically only offer base coverage; look for a product with optional endorsements to cover additional risks.
Competitive compensation. As an agent, it’s important that you’re compensated fairly for your efforts. Look for a provider that will give you both fair compensation and the flexibility that comes without contractual minimum production requirements.
When you do your homework into builders risk providers and policies, you’ll be in the best position to serve your clients’ needs.
To learn more about what to look for in a builders risk provider, download this complimentary eBook, An Agent's Guide to Pursuing the Right Builders Risk Partner: 9 Factors for Success.
This is intended as a general description of certain types of insurance and services available to qualified customers. Your policy is the contract that specifically and fully describes your coverage. The description of the policy provisions gives a broad overview of coverages and does not revise or amend the policy.