Builders Insurance Company
Builders Insurance Company
5430 West Sahara Ave.
Las Vegas, NV 89102
Tel: +1 (702) 678-6868
Fax: +1 (702) 678-6677
Builders Insurance Company was founded in 1995 by 12 plumbers and a general contractor who were not so pleased with the way that Nevada handled workers’ compensation. The company is a subsidiary of Nevada Contractors Insurance Company. The company was initially formed as the Nevada Contractors Network Self-Insured Group. The idea was to provide protection for each other through payment of minimal premiums and the compensation will be paid through their pooled funds.
Construction sites are the most accident-prone workplaces. Although some precaution can be taken to avoid injuries, because of the million moving parts from equipment used on-site matched with conditions such as height, heat and chemicals, contractors should be prepared for such occurrences. The group that established Builders Insurance Company realized this and they thought of a way to protect each other from these hazards.
They knew that this was a risky undertaking that could crumble if the funds were not handled well. So they assured that claims and loss control would be managed properly by forming a group with a specific task of overseeing how claims were paid while controlling losses to a controllable level. At the beginning, some of them still had to dip into their own pockets to pay claims but soon enough they were able to learn the ropes of the insurance industry.
The group soon grew from 12 to an overwhelming membership of 400 by the year 2000. Initially, they had insured 11 companies and receiving premiums amounting to about $750,000. The company is now insuring 800 companies, receiving annual premiums reaching $30 million in 2009.
In March 2000, the group adopted the name Builders Insurance Company and quickly became the household name for workers compensation in Nevada. Despite the lack of know-how on operating an insurance company, Builders Insurance Company continues to grow. They simply used common sense, partnered with their desire of how insurance companies should handle workers compensation, based on their bad experiences from Nevada’s program.
They held regular safety trainings which prospective policy holders have to comply with. If they fail to attend the safety training, they would not be covered under Builders Insurance Company. They also conduct site inspections to make sure that the company that availed of their insurance policy is taking the necessary precautions to avoid injuries and accidents.
As a safeguard against fraud, each claimant is provided with a “claim packet” that has a report form and a set of questionnaires for three parties: the injured worker, the supervisor, and any witnesses to the accident.
Builders Insurance Company also provides training for their insured on how to report and file their claims to ensure that clients are well-informed on their processes. They also provide post-accident drug testing that can potentially save millions of dollars in workers compensation. They have a 24-hour customer service number that clients can contact to request for account information.
The company also experienced some difficulty due to the recent economic crisis but business has since picked up and the company is regaining its footing in the construction insurance industry.