Do Homeowners Need Builders Risk?

Do Homeowners Need Builders Risk?

Builder’s risk insurance covers destruction or damage to a construction project such as new build or a renovation to an existing home. You will need builders risk insurance if you own the property and your contractor doesn’t have proper coverage. Who needs builders risk insurance?  Anyone with a financial interest in the construction project. These…

What is Builders Risk Insurance?

What is Builders Risk Insurance?

Builder’s risk insurance covers destruction or damage to a construction project. Today, most construction projects are funded by a loan that uses the building and materials as collateral. To protect the building during construction from risks such as fires, explosions, and flooding most lenders require the owner or the builder to carry a builders risk…

Understand Your Construction Company Risk With a COI Tracking Software

Understand Your Construction Company Risk With a COI Tracking Software

A typical day on a construction site might just have a handful of tradespeople busy at work. For the entirety of the project, however, that number quickly grows. Carpenters, masons, electricians, plumbers, landscapers, graders — you name it. That site will see plenty of comings and goings. When all is said and done, you’re probably…

Managing Compliance During Construction Projects Is All About Managing Insurance
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Managing Compliance During Construction Projects Is All About Managing Insurance

There are countless sources of compliance risk in the construction industry, and many of them stem from activities that occur directly on the job site. For the builder or general contractor leading the project, adequately managing these risks is critical — but far from easy. On large construction projects, a builder might have to oversee…

Business Insights From Grant Robbins, Co-Founder of Billy: Building on Construction Experience

Business Insights From Grant Robbins, Co-Founder of Billy: Building on Construction Experience

When people see buildings lining a busy street, they typically notice their height or aesthetic. Grant Robbins, co-founder of Billy, would look at a building and wonder how it was built. He would think about how all the pieces came together to create a specific structure. Because of this instinct, he considered becoming an architect when…

Eliminate Construction Insurance Risk With COI Tracking Software

Eliminate Construction Insurance Risk With COI Tracking Software

It is alarming how many contractors and builders operate their business without a proper insurance tracking system in place. After budgeting and schedules, insurance is the next most important thing, but it doesn’t get the attention it needs. There is no need to operate with such risk anymore. A typical day on a construction site…

Business Insights From Nyasha Gutsa, Co-Founder and CEO of billy: Solving Problems With Technology

Business Insights From Nyasha Gutsa, Co-Founder and CEO of billy: Solving Problems With Technology

Never one to go looking for the easy answers, billy co-founder and CEO Nyasha Gutsa has taken a winding path to get where he is — and to understand the power that he wields by emphasizing solving problems with technology. His story began in Harare, Zimbabwe, where he grew up. It has taken the combination of his experiences to…

Are You Vulnerable to Construction Risk in 2022?

Are You Vulnerable to Construction Risk in 2022?

Much of the focus of risk management in construction projects is placed on the operational, contractual, environmental, and financial components of any given job. Safety hazards, unknown site conditions, material availability, unexpected cost increases, and simply poorly written contracts are probably some of the most obvious construction risks raising more than a little concern for…

Minimizing Construction Risk: What You Need to Know About Subcontractor Insurance Coverage

Minimizing Construction Risk: What You Need to Know About Subcontractor Insurance Coverage

Risk is inherent in any business. But construction risk is another story entirely, which is why the right insurance arrangement is so important. Given time, something will go wrong on-site. Everyone should be covered, but that can be tricky when subcontractors come in to complete a project. The more subcontractors on the job, the more…

What Is a COI? Here’s How to Read and Interpret a Certificate of Insurance

What Is a COI? Here’s How to Read and Interpret a Certificate of Insurance

Construction and risk go hand-in-hand, which is why having the proper insurance during construction projects is so critical. Even more critical, however, is understanding how that insurance is presented, verified, and tracked. That’s where certificates of insurance come into play. What Is a COI, and How Can You Track It? A certificate of insurance in…

Protect Your Company From Construction Risk With Billy’s COI-Tracking Software

Protect Your Company From Construction Risk With Billy’s COI-Tracking Software

Risk management in construction projects must account for a wide range of variables, many of which aren’t always in a general contractor’s control. Supply chain issues, labor issues, and commodity market pricing could add to the upfront costs of a project, and unforeseen changes in the work could impact both budgets and timelines. Health and…

How to Manage, Track, and Verify Insurance to Mitigate Construction Risk

How to Manage, Track, and Verify Insurance to Mitigate Construction Risk

When I owned a construction company a few years ago, we were building a custom home for a family on a tight budget. We were determined to help keep their costs down and make their dream home a reality. We tracked insurance in Excel, and when a subcontractor’s policy expired, there was no visibility for…

How to Select Software to Manage Your Certificates

How to Select Software to Manage Your Certificates

Introduction Tracking certificates of insurance has its challenges. It’s not exactly the most fun task to carry out, but at the same time it is mission critical to any construction business to make sure your third parties are properly insured in order to minimize risk transfer. If you are attempting to handle the entire certificate…