Builders Mutual

Builders Mutual Insurance Review

Builders Mutual Insurance Company stands as a prominent provider of commercial insurance solutions, particularly designed for the unique needs of contractors and builders. Based in Raleigh, North Carolina, the company boasts a strong presence within the construction industry, recognized for its unwavering commitment to workplace safety and its ability to tailor coverage to meet the specific requirements of its policyholders.

Overview

Founded in 1997 as an independent mutual insurance company, Builders Mutual emerged from a self-insured fund established by the North Carolina Home Builders Association (NCHBA). This initiative addressed the critical need for accessible and affordable Workers’ Compensation insurance within the North Carolina construction community. The company's growth trajectory has been marked by significant milestones:

• 1998: Became the leading provider of workers' compensation insurance in North Carolina, achieving a 7.8% market share and exceeding $52 million in premiums.
• 1999: Launched its online presence at buildersmutual.com and expanded its offerings beyond Workers’ Compensation to include comprehensive commercial coverage.
• 2001: Expanded operations into South Carolina, Tennessee, and Virginia.
• 2003: Introduced Builders Online Business, a platform for agents to manage quotes and policies digitally, and established Builders University for training and certification programs.
• 2008: Established the Builders First Center and introduced the Trade Contractor program to diversify its service portfolio.
• 2014: Celebrated its 30th anniversary, having secured over 700 agencies, 19,000 policyholders, and surpassing $230 million in premiums.
• 2015: Introduced the WorkSafe program to train new workers in fundamental safety practices and established an internal claims department.
• 2016: Extended coverage to over 21,000 policyholders via a network exceeding 4,000 sales agents, actively supporting OSHA’s Stand Down initiative with on-site training.
• 2017: Became the official Safety Sponsor for the National Association of Home Builders (NAHB).
• 2018: Achieved $341 million in premiums, with over 23,500 policyholders and a team of 350 employees.
• 2019: Sponsored the inaugural IBS Jobsite Safety Zone and launched the "Put Your Guard Up" safety campaign to prevent worker injuries.

Regulatory Compliance and Licenses

Builders Mutual holds licenses to operate in multiple states, including North Carolina, South Carolina, Tennessee, Virginia, Georgia, Maryland, Mississippi, and the District of Columbia. The company's consistent A "Excellent" rating from A.M. Best Company underscores its robust financial stability and unwavering commitment to regulatory compliance.

Insurance Products and Services

Main Insurance Products

Builders Mutual's core offering centers on Workers’ Compensation insurance, meticulously tailored to meet the specific needs of contractors and builders. Beyond this, the company offers a comprehensive suite of commercial coverage options, encompassing liability and property insurance to protect businesses against a wide array of potential risks.

• Workers’ Compensation: Provides comprehensive coverage for work-related injuries and illnesses, emphasizing job-site safety and proactive risk management.
• Commercial Coverage: Offers liability and property insurance, shielding businesses from potential losses stemming from property damage, professional liability, and other unforeseen circumstances.

Additional Services

Builders Mutual extends its services beyond core insurance offerings. The company is committed to supporting policyholders through:

• Safety Programs: Provides complimentary safety programs and educational resources to empower policyholders in loss prevention and dividend eligibility.
• Claims Assistance: Offers streamlined claims processing, incorporating convenient electronic claims payment options via Commerce Bank.
• Financial Advisory Services (Implied): While not explicitly advertised, the company's dedication to financial stability and its dividend distribution model suggest an implicit level of financial advisory support, although not a primary focus.

Premiums and Pricing

Pricing Structure

Builders Mutual's insurance premiums are known to be competitive, reflecting the company's strong financial position and robust risk management strategies. While precise pricing details are not publicly released, premium calculations are influenced by factors such as the policyholder's safety record and industry benchmarks.

Comparative Analysis with Industry Averages

Although direct comparisons lack readily available data, Builders Mutual's A "Excellent" rating from A.M. Best Company strongly suggests that its premium rates align favorably with industry averages, reflecting its exceptional financial standing.

Discounts and Special Offers

Builders Mutual offers a unique incentive program:

• Safety Performance Dividend: A distinctive industry offering rewarding policyholders who prioritize workplace safety with dividends.
• Multi-Policy Discounts (Potential): While not explicitly stated, the possibility of multi-policy discounts, common amongst insurers, should be considered.

Specific promotional deals or limited-time offers are not routinely publicized, though the company's customer-centric approach implies the potential for periodic promotions designed to maintain policyholder loyalty.

Customer Service and Support

Contact Methods

Builders Mutual provides multiple avenues for customer interaction:

• Phone: 1-800-809-4859
• Email: Email support is available, though specific contact details may not be prominently displayed on the website.
• Live Chat: Live chat support is not currently offered.

Information regarding 24/7 support and multilingual assistance is not readily available. However, the company's commitment to exceptional customer service suggests a possibility of these services, though confirmation is needed.

Pros and Cons of Builders Mutual Insurance

Pros

• Strong Financial Stability: The A "Excellent" A.M. Best rating highlights exceptional financial stability, offering policyholders significant reassurance.
• Comprehensive Coverage: Tailored coverage options, including Workers’ Compensation and commercial insurance, are specifically designed to address the needs of contractors and builders.
• Safety Initiatives: The company's focus on workplace safety and its innovative dividend program for safety-conscious policyholders are notable advantages.
• High Customer Retention: A reported customer retention rate of 85.5% reflects a high level of customer satisfaction.

Cons

• Limited Geographic Presence: Compared to larger national insurers, Builders Mutual's operational area is relatively restricted.
• Potential Policy Complexity: The emphasis on customized coverage might result in more complex policy documents, requiring more time for thorough understanding.

Conclusion

Builders Mutual Insurance Company is a reputable provider of commercial insurance solutions, particularly valuable for contractors and builders. The company's financial strength, dedication to safety, and tailored coverage options distinguish it in the market. The unique safety dividend program and impressive customer retention rate are notable strengths. However, its limited geographic scope and potentially complex policies present areas for improvement.

Builders Mutual is an excellent choice for contractors and builders prioritizing workplace safety and seeking customized insurance solutions. The company's strong financial position and commitment to customer service make it a compelling option for businesses demanding reliable insurance protection.

Frequently Asked Questions about Builders Mutual Insurance

1. What types of insurance does Builders Mutual offer? Builders Mutual mainly offers Workers’ Compensation insurance and comprehensive commercial coverage, including liability and property insurance.
2. How does the company’s safety program work? Builders Mutual offers free safety programs and educational resources. Policyholders who prioritize workplace safety are eligible for dividends.
3. What is the process for filing a claim? Builders Mutual provides claims handling services, including electronic claims payment through Commerce Bank. While specifics may vary, the company prioritizes efficient claims processing.
4. Is there a customer service number I can call? Yes, the customer service number is 1-800-809-4859.
5. Are there any discounts available? A safety performance dividend is offered; other potential discounts, such as multi-policy discounts, may also be available.
6. Can I make payments online? Yes, Builders Mutual provides advanced online payment features, allowing for saved payment information, scheduled payments, and combined payments for multiple policies.

References

• [1] https://www.greatplacetowork.com/certified-company/1120936
• [2] https://www.buildersmutual.com/about-us/financials
• [3] https://www.buildersmutual.com/downloads/BuildersMutual-AnnualReport-2022.pdf
• [4] https://ratings.ambest.com/companyprofile.aspx?AltNum=412057&AltSrc=3&Portal=0&URatingId=0&ambnum=12057&bl=64
• [5] https://www.buildersmutual.com/about-us