Specialty Builders Insurance Company(Georgia); Contacts, Claims, Services, Cancellations and Renewals

Specialty Builders Insurance Company is a part of Builders Insurance Group, a company that gives insurance to builders in the US. It started in 2020 and focuses on special insurance for the construction industry.

Specialty Builders Insurance Company

Brief History of Specialty Builders Insurance Company

SBIC began in 2020 by Builders Insurance Group, a company with 30+ years of experience in insuring builders. Specialty Builders Insurance Company was made for special insurance in the construction industry.

Mission

Specialty Builders Insurance Company wants to give builders and subcontractors the right insurance to protect their businesses from construction risks.

Values of Specialty Builders Insurance Company

Contact Details of Specialty Builders Insurance Company

Mailing Address Phone
P.O. Box 723099 678.309.4000
Atlanta, GA 31139-0099 800.883.9305

 

Services and Products of Specialty Builders Insurance Company

Services

SBIC gives builders and subcontractors various insurance services, such as:

  1. Risk Management:
    • Safety and Health Programs: SBIC helps customers with safety programs to prevent accidents.
    • Loss Control Consulting: SBIC assists in finding and fixing workplace hazards.
    • Training and Education: SBIC provides programs to teach safety and risk management.
  2. Claims Management:
    • 24/7 Claims Reporting: Customers can report claims any time, day or night.
    • Dedicated Claims Adjusters: SBIC assigns specific adjusters to each claim for quick handling.
    • Experienced Claims Professionals: SBIC’s experts know how to deal with construction-related claims.
Products

SBIC offers different insurance products for builders and subcontractors, like:

  1. General Liability Insurance:
    • Protects from lawsuits due to injury or damage from business operations.
  2. Workers’ Compensation Insurance:
    • Provides benefits for employees injured on the job.
  3. Builders Risk Insurance:
    • Shields construction projects from damage by fire, theft, vandalism, and more.
  4. Professional Liability Insurance:
    • Safeguards businesses from lawsuits due to errors in professional services.
Target Market

SBIC focuses on builders and subcontractors in these specific markets:

  • Residential Construction
  • Commercial Construction
  • Engineering and Design
  • Environmental Contracting
Distribution Channel

SBIC gets its products and services to customers through independent insurance agents.

Specialty Builders Insurance Company

Premium Costs

The cost of premiums for Specialty Builders Insurance Company (SBIC) policies changes based on things like coverage type, project size, complexity, the insured’s experience, and loss history.

Overall, SBIC is known to be a competitive choice for builders and subcontractors.

Payment Options

SBIC gives different ways to pay for policies – monthly, quarterly, or yearly. People with policies can pay online, by phone, or by mail.

Here’s a table showing the average costs for SBIC’s popular insurance:

 

Filling Claims with Specialty Builders Insurance Company

f you have a loss, let SBIC know quickly. You can report it online, by phone, or by mail.

Online
  1. Go to the SBIC website.
  2. Click on “File a Claim.”
  3. Put in your policy and contact details.
  4. Explain your loss.
  5. Upload any extra documents.
Phone
  1. Call SBIC
  2. Have your policy info ready.
  3. Tell the claims rep about your loss.
  4. The rep will ask for more info and file your claim.
Mail
  1. Send a letter to SBIC at the address provided.
  2. Include in your letter:
    • Your name and contact info
    • Your policy number
    • Details about your loss
    • Any extra documents
What to Expect After You File Your Claim

After you file, an SBIC claims adjuster will be assigned. They’ll review and contact you for more info. The adjuster will check if you’re eligible for coverage.

If eligible, the adjuster will send you a payment by check or direct deposit.

Specialty Builders Insurance Company

High Ratings for Specialty Builders Insurance Company

SBIC is a top-rated insurance company. A.M. Best, a leading credit rating agency, gave SBIC an A (Excellent) rating. This rating shows SBIC’s strong finances, performance, business profile, and risk management.

SBIC also got an A+ (Superior) rating from Standard & Poor’s, another top credit rating agency. This rating reflects SBIC’s strong financial position and its ability to meet policyholder obligations.

These ratings matter because they assure policyholders that SBIC is financially stable and can pay claims. They also help SBIC attract and keep customers.

Positive Customer Reviews

Along with high ratings, SBIC has good reviews from customers. People praise SBIC for excellent customer service, competitive rates, and fast, fair claims processing.

Cancellation Rates

SBIC has a cancellation rate below the industry average, meaning it keeps customers better than most. This is likely because of SBIC’s strong customer service, competitive rates, and fast, fair claims processing.

Renewal Rates

SBIC’s renewal rate is also above the industry average. A lot of SBIC’s customers choose to renew their policies, showing they’re satisfied with the service.

Factors Affecting Rates

Several factors can affect cancellation and renewal rates for insurance companies, including:

How SBIC Manages Rates

SBIC takes steps to manage cancellation and renewal rates, such as:

  • Investing in customer service: Training reps and giving them tools for great service.
  • Offering competitive rates: Regularly checking rates against other companies.
  • Processing claims quickly and fairly: SBIC has a quick, fair claims process.
  • Monitoring economic conditions: Keeping an eye on the economy and taking action to handle downturns.

Benefits of Joining Specialty Builders Insurance Company

As a member-owned nonprofit, Specialty Builders Insurance Company (SBIC) is dedicated to providing the best insurance coverage and service at competitive rates. SBIC members enjoy various benefits:

  1. Competitive Rates:
  2. Expert Risk Management Services:
    • Safety and Health Programs: SBIC helps members develop safety programs to reduce workplace accidents.
    • Loss Control Consulting: SBIC assists in identifying and eliminating hazards in workplaces.
    • Training and Education: SBIC provides programs to help members learn safety and risk management.
  3. Fast Claims Management:
    • 24/7 Claims Reporting: Members can report claims anytime.
    • Dedicated Claims Adjusters: SBIC assigns adjusters to handle claims promptly.
    • Experienced Claims Professionals: SBIC’s professionals have extensive experience in construction-related claims.
  4. Strong Financial Stability:
    • SBIC is financially strong, rated A (Excellent) by A.M. Best and A+ (Superior) by Standard & Poor’s, ensuring stability.
  5. Commitment to Safety:
  6. Discounts and Rebates:
    • SBIC offers discounts and rebates to help members save on insurance costs.
  7. Networking Opportunities:
    • SBIC provides networking chances for members to connect and learn about industry trends.
  8. Member Education and Training:
    • SBIC offers various educational programs to help members develop skills and knowledge.
  9. Member Advocacy:
    • SBIC advocates for members on safety, regulatory reform, and workforce development.
  10. Commitment to Community:
    • SBIC gives back to the community by supporting charitable organizations.

Frequently Asked Questions about Specialty Builders Insurance Company (SBIC)

1. What is SBIC’s specialty?

  • SBIC specializes in providing insurance coverage for builders and their subcontractors in the construction industry.

2. How is SBIC rated in the industry?

  • SBIC is highly rated, receiving an A (Excellent) from A.M. Best and an A+ (Superior) from Standard & Poor’s.

3. What benefits does SBIC offer its members?

  • SBIC offers competitive rates, expert risk management services, fast claims management, strong financial stability, and various member-exclusive perks, such as discounts, networking opportunities, and educational programs.

4. How can I file a claim with SBIC?

  • You can file a claim with SBIC online, by phone, or by mail. Visit the SBIC website or call the provided number to initiate the claims process.

5. What sets SBIC apart in terms of customer service?

  • SBIC is known for its fast, friendly, and efficient claims management, with 24/7 claims reporting and dedicated claims adjusters for personalized assistance.

6. Are there discounts available for SBIC members?

  • Yes, SBIC offers various discounts and rebates to help members save on insurance costs.

7. How does SBIC contribute to safety in the construction industry?

  • SBIC is committed to safety leadership, providing programs and initiatives to help members reduce the risk of workplace accidents and injuries.

8. What financial stability does SBIC assure its members?

  • SBIC ensures strong financial stability, reflected in its A (Excellent) and A+ (Superior) ratings, demonstrating reliability in providing insurance coverage.

9. What types of insurance products does SBIC offer?

  • SBIC offers a range of insurance products, including General Liability Insurance, Workers’ Compensation Insurance, Builder’s Risk Insurance, and Professional Liability Insurance.

10. How does SBIC support the community?

  • SBIC is committed to giving back to the community and supports various charitable organizations.
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