Did you know that general contractors are likelier to work at private companies than public ones?
This statistic may not surprise you if you are a contractor that owns your own business.
However, because you run your own business, you have a lot more responsibilities, including reviewing your contractors insurance quarterly. Keep reading to learn why this is necessary.
Businesses can change on a whim, so it’s important that contractors insurance is up to date to reflect any changes. New changes may require new insurance requirements.
It’s never a bad idea to review your insurance during the following situations:
- Obtaining larger contracts
- Moving to a new premises
- Acquiring new materials or machinery
- Expanding business operations or downsizing
Each of these substantial changes in your business operations should be matched by your insurance policy. You can include new requirements or exclude old coverage you no longer need.
A lot of contractors buy insurance based on price and convenience. This leads to different insurance coverage from multiple companies. Reviewing your general contractor insurance quarterly can help you save money.
In the long run, this can get expensive. It’s better to bundle your policies together to save money through one insurance provider.
Insurance providers often offer discounted rates to those that take up multiple insurance lines. As a result, you pay less on your premiums.
When you review your insurance, consider the costs you will save if you build up different coverage options with one insurance company.
Most states require contractors business insurance. At the very least, a state will require contractors to have General Liability insurance.
You can lose thousands of dollars from claims without the right insurance coverage. Contractors liability insurance ensures that you are covered from the following claims:
- Personal injury
- Third-party property damage
- Marketing damage
The laws in your area might change over time, so it’s important to update your policies to stay compliant.
Remember that just because an insurance policy isn’t required by law doesn’t mean your business doesn’t need it.
Peace of Mind
You should review your contractors insurance policy quarterly to have peace of mind. The first time you opt for construction insurance, you might not realize all the necessary coverages.
Over time, you can decide the areas where you are under insured. Change this when the time comes to have peace of mind if an accident occurs.
Reviewing your policies allows you to protect yourself and your business. It’s one less thing to worry about when you regularly make updates.
Is It Time to Review Your Contractors Insurance?
Review your contractors insurance quarterly to manage changes, save money, stay compliant, and have peace of mind.
When reviewing your coverage, you don’t need to change all of your policies. You might find that you don’t have to change anything at all.
Reviewing your insurance coverage allows you to find discrepancies and receive coverage only for what you need.Contact us today to learn how we can help you find contractors insurance policies.
Top Contractors Insurance Services is a full-service contractor insurance agency handling workers compensation, general liability, construction bonds, and auto quotes.