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There are many misconceptions about building insurance among contractors. The one thing that contractors can agree on is that the construction industry is full of risks. However, many owners of contractor businesses think, It won’t happen to me. Well, maybe it won’t, but can you really afford to take the chance?



Things you’ve been told

The financial implications from claims for third party injuries can be serious for a contractor company, no matter the size of the company. Then there are bodily injury claims for both third parties and your employees. And what about theft of your equipment or vandalism to the building you are working on?

You’ve probably heard all this before, but you still have doubts about building insurance. Let’s take a look at some of the things contractors believe that are just plain wrong. I hope this article will change your mind about fake ideas that are holding you back from protecting your business.



Insurance agents don’t care. They’re just interested in the sale.

This idea comes in other forms. For example,

  • You might be afraid that you will be conned because you don’t know much about building insurance. There’s a lot of legal terms and small print. Who’s got your back?
  • Or even, a building insurance policy is one-size-fits-all and includes a set bundle of features. This might be great for big construction companies, but you don’t want to pay for insurance I will never need.
  • Here’s another one: insurance agents tell me to reassess my insurance regularly just so that the can sell me more.


The value of a reputation

But, think about it this way. Will an insurance company stay in business for 20-years if they give you bad advice, sell you expensive coverage you don’t need, and forget about you once the deal is done?

Word of mouth marketing is one of the most powerful forms of marketing. As a business owner, you already know that it can years and years to build a good reputation. However, when word gets out that your service has gone downhill, then so will your business.

So look for an insurance company that has 5-star online reviews (Farmer Brown has thousands). If you are still unconvinced, look at their Better Business Bureau rating. (Farmer Brown insurance is A+)



Customize your coverage

Your insurance agency must advise you to customize your coverage. Why?

  • Your insurance rate is calculated by things like the size of your business, where you are located and the type of work you do. If your trade is less dangerous that a roofers, for example, why should you pay the same rates?
  • Every contractor faces different risks. Different states have different weather conditions. They also have different levels of crime. In addition, your business may not be able to afford all the building insurance bells and whistles yet. You want to work with an insurance company who will get you the best rate for the best coverage, and help you extend the coverage as your business grows.



Building insurance protection for dangers you haven’t even thought of

Financial loss is not restricted to your business. Yes, you could lose your business. But you will also be losing your livelihood. You could also lose your house and your lifestyle. The loss can spill over into your marriage.

Without adequate building insurance coverage, you are putting your business at risk.  Things go wrong. Accidents happen. For instance, even with the best safety measures in place, you can’t stop hail.



John Brown President Farmer Brown Insurance (888) 973 0016

John Brown – President

So, if you still have questions about building insurance, speak with our agents. Call Farmer Brown Insurance (888) 973-0016


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