Many business owners will assess their annual finances at the end of their business year, preparing to adapt to economic changes in 2023. They’ll look at several factors, ranging from tax requirements to monthly growth.
However, many businesses will fail to review and update their business insurance, which is a critical part of their overhead, especially for contractors. This problem can be a critical issue for many companies. A CNBC report showed that the right insurance policy could save a business from complete collapse.
Many companies choose to renew their existing policies. However, your current policy may not fit your company’s current size. That’s why a business must ensure its contractors insurance is updated.
If you’re unsure what to think of your contractor’s insurance, keep reading! We’ll explore what to consider in a contractor insurance policy.
Have You Outgrown Your Contractors Insurance?
The first question is whether you’ve outgrown your current insurance coverage. As your company grows, your policy may not offer the degree of coverage it needs.
This factor is especially important to consider for a contracting company. There is always a chance that your workers could mess something up at a client’s property. If so, your company could face liability for the accident.
If your insurance coverage is inadequate, you may not be able to cover all of those expenses. Instead, you could find yourself in a situation where you must pay out of pocket.
Does Your Insurance Policy Cover All the Risks You Face?
The next factor to consider is what type of risks your business may encounter on the job. Understanding the job site risks can help you narrow down the best insurance policies on the market for your company.
The risks you encounter will vary and increase as your company grows. Soon, you’ll find your teams dealing with things they didn’t see before, requiring you to adjust your business insurance.
So, review your current policy to ensure it covers the new risks your business will encounter, including an increase in the number of jobs your team is working on. If your policy isn’t a fit anymore, it’s best to look for an updated one.
What Type of Contactor’s Insurance Do You Need?
Another factor to consider is whether you should change the type of insurance your company uses. Generally, the most popular insurance choice for contractors is general liability insurance.
This insurance can provide basic coverage for most contracting jobs. It can cover both bodily and property damage.
However, general liability coverage may not extend to all the types of jobs you do. If so, it’s best to bundle other insurance policies with your general liability coverage. Consider what types of insurance could best protect your additional interests.
Find the Best Price
Finally, consider whether you’re receiving the best price for your insurance coverage. Search the market to find the most reasonable rates! Even if your policy seems comprehensive enough, you may discover you’re overpaying.
Consider Our Insurance Coverage
Businesses must review their contractors’ insurance to ensure it remains sufficient for the work. But what do you do if you discover it requires an update?
That’s where we come in. Top Contractors Insurance Services is a full-service insurance provider that offers several policies. These include general liability, commercial auto, workman’s compensation, and more.
Contact us today if you’re dissatisfied with your current policy! We’ll be glad to help you find one that fits your growing needs.
Top Contractors Insurance Services is a full-service contractor insurance agency handling workers’ compensation, general liability, construction bonds, and auto quotes.