Sh*t happens. Things will go wrong. And while we can’t predict what will happen or when, we do know that it’s inevitable. It’s just the nature of the business.
Prepare for the unknown and protect your business with Builder's Risk Insurance.
What is Builder's Risk Insurance and Why Should I have it?
Builder's Risk Insurance covers the structure of a single-family residential project in case of fire, hail, wind, vandalism and theft of materials that will become permanent parts of the structure. This includes things like windows, lumber, appliances, HVAC, etc.
Rather than relying on your clients to secure builder's risk insurance and keep track of the policies, you can purchase the policy for each of your projects and include it in the overall cost. Add a new tool to your wheelhouse and confidently tell homeowners that you can build their home and provide a builder's risk insurance policy, ensuring security. Did we mention it’s accessible directly from your Buildertrend account? Convenient, right?
For each job, there is a one-time $100 data service fee. This fee allows you to get policies in place at your convenience and stores the binder certificate and policy for each specific job. Remove the guessing games and know exactly what’s covered and where that paperwork is at all times.
When you purchase the policy, you also control the claim process. If a homeowner purchases the policy, sometimes they are reluctant to turn in a claim as it may have a negative impact on their future rates, which could lead to difficulty in getting simple issues paid for and resolved. Purchasing your builder's risk policy through Buildertrend takes that issue away.
Interested in learning more?
Builder's Risk Insurance quotes, provided by SilverStone Group LLC, a HUB International company, are completely free for Buildertrend users.
Go to the gear icon in the top right corner of your account and click on Setup. Scroll to the Project Management section and click on Builder's Risk Insurance. Enter your information and we will email over a rate sheet that ranges from $0 - $3,000,000 and a breakdown of coverage limits. This quote will be stored on Buildertrend and easily accessible for your review at any time.
I’ve requested a quote, now what?
That’s great! There are two more things you’ll need to configure within Buildertrend and then you’ll be good to go!
First, you’ll need to set up a bank account with WePay. To do so, follow these steps:
1. Go to the gear icon in the top right and click on Setup. Scroll down to the Financial section and click Online Payments.
2. In the new window, click on the green Add New Payment Method button.
3. Enter a Nickname for the account (ex. Builders Risk Insurance), select E-Check for payment type and hit Next.
4. Click the Set up Bank Account button.
5. In the new window, hit Continue. Next, enter your bank name. If Buildertrend partners with your bank, you’ll be able to click on it. If not, you will be required to add the account number and routing number. Be sure to fill out your full name and email at the bottom.
6. After submitting, we will need to verify the account, and we will reach out to follow up. Once verified, your bank account is ready to go!
Next, you’ll need to apply for Builder's Risk Insurance by job. To do so, follow these steps:
1. Go to the house icon in the top left and click on Jobs List.
2. Click on the name of the job you would like Builder's Risk Insurance for.
3. In the Job Details Window scroll down to the Builder's Risk Insurance section and click the green Get Started button.
4. Click the green Request Coverage Button, which will take you to the Jobsite Request Form.
5. Fill out the job information: address, value, start date, type of job, policyholder and loss payee (bank).
6. You will pay with E-Check (if this isn’t set up, check out the article below), and you will have the policy in place and a binder certificate will be made available to you.
There you have it! With Builder's Risk Insurance through SilverStone Group LLC, a HUB International company, you’re protected, your clients are protected – it’s a win, win.
For comprehensive online learning, please visit the Buildertrend Learning Academy.
If you have any questions or require additional support, feel free to chat with us, send an email: email@example.com, or give us a call at 1-888-415-7149. We’re always happy to help.