March 17, 2022

Covering construction risk for small, fast-moving teams with Susan Tieh

24 minutes

Episode 143: Next insurance

Insurance: It’s not often front of mind when the daily demands from your jobs keep piling on. But when something bad happens, it’s the safety net every builder needs.

Today on “The Building Code,” Zach and Charley showcase Buildertrend’s newest partner, Next Insurance, an online insurer of over 300,000 small businesses.

Product manager Susan Tieh joins the podcast to highlight how Next quickly delivers a range of coverages protecting builders against construction and everyday liabilities.

WHAT INSURANCE TRENDS HAS NEXT INSURANCE SEEN THE LAST TWO YEARS?

“With the more severe weather that we've seen in the last couple years, we actually have seen more claims for property damage due to weather. That could be wind, hail, freezing temperatures. That's been something we've just been noticing more of. The other trend I'll mention is people talked about this during the pandemic, especially, but a lot of homeowners were doing more home renovations. It's this big demand for construction. Insurance is really important as you take on more projects because really the more work you do, the more risks there are.”

WHAT’S A COMMON MISPERCEPTION ABOUT INSURANCE IN CONSTRUCTION?

“There's this perception that you buy insurance and you're covered, no matter what kind of work you do, ‘I bought insurance, I should be good for anything.’ But it's actually really important to accurately say what you do when you're doing that insurance application. For example, our general contractors, they do a range of things, and I kind of ask them what are the activities that you do? But for us, for example, and for most insurance companies, something like roofing, that's considered pretty high risk, because if something goes wrong, it's usually a big claim. If you don't tell us that you do roofing, we're not going to cover you for roofing because roofing's expensive in terms of the risk for the insurance company.”

LINKS AND MORE

Related content:

Head to Next Insurance’s blog for insightful articles on construction, business and more.

Next has a new mobile app – download it and learn more here.

Want to learn more about the Buildertrend-Next Insurance partnership? Visit our site here.

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