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Now is an ideal time to review insurance for West Virginia contractors.  With 42 states under stay-at-home orders, coronavirus has ground US many businesses to a halt.  But that doesn’t mean you can’t get proactive at home.  Get your company ready for business by making sure you have the best insurance coverage once lockdown ends.

You’re probably facing tough decisions to lessen losses. But how about saving money on your business long-term, by rethinking your insurance plan?  Read on for our 3 top tips on insurance for West Virginia contractors.  Keep improving your company while you help flatten the curve!

 

3 Tips On Insurance For West Virginia Contractors

1. Do Some Homework

One thing the Covid-19 lockdown offers is time.  Between 2018 and 2019, West Virginia added 33.7% in construction jobs – the largest increase in the country. This is great news, but a fast-growing market means little time to sit and consider your insurance. But, now you can! This is a chance to learn the nuts and bolts of each policy.  For example, good deductible and premium ratios; maximizing savings on liability; what Builder’s Risk insurance for general contractors actually covers.  This will all help you return with a more effective risk management plan.

Farmer Brown has expert professionals who specialize in insurance for West Virginia contractors. We’ll help build the perfect plan for your specific business.

2. Check Your Workers Are Covered

Workers Compensation is vital insurance for West Virginia contractors. 1 in 10 construction workers is injured every year, and this policy covers their lost wages and medical bills.  It’s West Virginia law that most employers with 3 or more employees must carry Workers Comp.  Due to these high risks in contracting, all your employees need to be covered.  This includes subcontractors, unless they can prove they’re independent. If so, they need to carry their own Workers Comp for any employees.

Now’s a great time to check your own plan and have a (virtual) chat with your subs, to ensure everything is above board post-lockdown.

  1. Adapt Builder’s Risk To Your Company

Builder’s Risk insurance for general contractors is a no-brainer. At only 1-5% of construction costs, you probably carry this policy already to protect your work against rain, fire, theft and other third-party losses. But the most effective Builder’s Risk insurance for general contractors is customized around their business and projects.

In lockdown, you have time to think about your exposures and build a zero-fat policy that covers what you need.  Great extensions to Builder’s Risk insurance for general contractors include:

 

  • Property in Transit West Virginia has been ranked in the top 10 states for traffic danger, due largely to the amount of rural roads. It’s best to protect your expensive equipment in case conditions get rough.
  • Water Intrusion –  A more and more common extension as national rainfall increases year-by-year. Clogged up pipes do massive damage to construction jobs.
  • Delay in Completion – Additional advertising, lost profits and interest charges can all result from delayed work caused by covered property damage.
Get In Touch Today! 

A great way to start integrating our insurance tips into your business plan is to get in contact with our expert agents at Farmer Brown. We have thousands of five-star reviews and we’re rated A+ with BBB. We know how your company can get the most out of each policy. We’ll help build a plan that maximizes your savings and primes your business for life after lockdown.
Give us a call at Farmer Brown Insurance today on (888) 973-0016.

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