Contractor business insurance is a necessity, right? Sadly, many construction companies are stuck with the wrong policies and have no idea how to switch. As such, a lot of business owners view insurance as something that never changes. They buy their policies and stick with them.
However, your insurance should be flexible enough to respond to your business needs. You can ensure that you have the right coverage by reviewing it regularly.
6 Reasons to review your insurance NOW
In this article, we look at six reasons why you should review your insurance plan today.
1. To manage changes within your business
Businesses are dynamic in nature. With new changes come new insurance requirements. It’s always a good idea to review your insurance when you get larger contracts, move to new premises, acquire new materials or machinery, expand your business operations or downsize.
Each of these causes a substantial change in your business operations, that needs to be matched by your insurance. Moreover, reviewing your insurance allows you to include new requirements and exclude old ones.
2. To save money
Most people buy insurance based on convenience or price. It’s easy to end up with different insurance covers from multiple companies. This can be expensive in the long run. To save money, bundle your policies together and get them from one insurance provider.
Most insurance providers offer discounted rates to customers who take up multiple lines of insurance. As a result, this can reduce your premium payments significantly. Furthermore, when you review your insurance, consider bundling up different forms of contractor business insurance from one insurance company.
3. To be legally compliant
Most states require contractors to have General Liability as part of their contractor business insurance. Does your insurance coverage include this coverage?
Without the right insurance, you may lose thousands of dollars on claims. Therefore, getting contractors liability ensures that claims related to personal injury, third party property damage, and marketing damage don’t take you by surprise.
For peace of mind
Reviewing your insurance gives you a chance to set things right. If you were previously underinsured or paying for unnecessary insurance, then you can change this. Reviewing your insurance ensures that your business is protected and your costs are reduced. It will be one less thing to worry about.
Get the experts to review your contractor business insurance
When reviewing your contractor business insurance, you don’t have to change your entire coverage. You could change the: policy period, cost of premiums, cost of deductibles, benefits, extensions, and beneficiaries.
You don’t even need to leave the comfort of your home. Just give Farmer Brown Insurance a call on (888) 973-0016.