Renovating Your Space
Whether you're remodeling an existing storefront, building out a leased retail space, or completing tenant improvements before opening, construction projects often create insurance requirements that differ from your permanent business insurance.
I can help you determine what coverage may be appropriate, coordinate with your contractor and lender, and guide you through the Builder's Risk quoting process.
Scenarios you may encounter
You may be:
Remodeling a retail or office space
Completing tenant improvements before opening
Building out a franchise location
Installing permanent fixtures, signage, or equipment
Applying for an SBA or commercial loan that requires Builder's Risk coverage
Working with a general contractor prior to construction
Questions I can help answer:
What is Builder's Risk Insurance?
Builder's Risk Insurance helps protect construction projects against certain physical losses while work is being performed. Depending on the policy, it may cover renovations, tenant improvements, materials, fixtures, and equipment while the project is underway.
Who purchases the policy?
The answer depends on the project.
Sometimes the property owner purchases the policy. In other cases, the tenant, business owner, or general contractor may be responsible. Your lease agreement, construction contract, or lender's requirements typically determine who must obtain coverage.
Doesn't my contractor already have insurance?
Your contractor should carry their own insurance, such as General Liability and Workers' Compensation.
However, those policies generally protect the contractor—not necessarily your financial interest in the renovation. Depending on your contract and lender requirements, a separate Builder's Risk policy may still be required.
What information is needed for a quote?
Builder's Risk policies require more information than most business insurance policies.
Depending on the project, underwriting may request items such as:
Project description
Construction budget
Estimated start and completion dates
Architectural drawings or site plans
Contractor information
Construction schedule (Gantt chart)
Photos of the property
Flood zone information
Replacement cost values
Ready to Discuss Your Project?
Whether you're renovating an existing business, building out a new location, or preparing to satisfy lender requirements, I'd be happy to help.
If you're ready to begin the conversation, please complete the insurance quote request form here. I'll review your information and contact you within two business days to discuss your options.
I am licensed to assist clients with business insurance solutions in my home state of California, and I hold licenses to practice in other states as well. Please click here to view the most current list of states I hold licensure in. If you don't currently see your state listed, feel free to contact me. Depending on the type of coverage you're seeking, I may be able to obtain the necessary licensing or connect you with an appropriate solution*.
*Please note that insurance products, carrier availability, and licensing requirements vary by state, so not every coverage option is available in every location.