Contractors Insurance

Like most independent contractors, staying competitive in your specific industry means you have to be proactive in controlling your cost.  Overhead is one of the biggest issues all contractors and business owners face as one of their largest expenses. 

This includes everything from labor cost, phones, vehicles, office space, materials, equipment, and of course your contractors insurance cost.  

Integrity Now Insurance Brokers is a dependable and experienced commercial insurance agency.  We believe your insurance coverage should be cost-effective while also protecting you and your company appropriately.  Unfortunately cost is not the only factor you have to consider when obtaining price quotes for your insurance.  

Securing a contractors insurance policy that provides the needed coverage and is budget-friendly don’t always go hand in hand.  What good is your insurance policy if you spend thousands of dollars on it and when a claim happens you hear that your claim is being denied.  By using an experienced insurance broker that specializes in obtaining insurance for contractors, this will allow you to find the right policy for your company.

How Do I reduce my Insurance Premiums

One of the best ways to reduce your insurance cost is by having an effective loss control program in place that is designed to help prevent losses.  Many contractors will have a safety procedure manual but will they follow it and pass this document on to their employees and enforce it.

Insurance premiums are not only based on your specific trade class (Plumbing, Roofing, HVAC) but also how well you control losses.

It is also important to have an effective loss control program in place in order to prevent losses which will help you to control your overall Contractors Insurance costs.  Insurance premiums are not only based on your specific trade class but also how well you control losses.

When considering a loss control program it is important to identify specific hazards at the job-site each morning before you start working.  It is also important to ensure you require written contracts for any and all work that you perform and keep copies of these contracts for a minimum of 10 years. Whenever possible, have contracts, warranties and hold harmless agreements reviewed by your attorney and never accept or assume responsibilities with which you are not familiar.

Furthermore, to get the most out of your Contractors General Liability coverage and workers’ compensation insurance, actively monitor and manage your job-site to prevent unnecessary losses:

  • Always use employment application and check references of prospective employees.
  • Provide written safety rules for your job-sites and enforce them! These guidelines should be based on at the very least the minimum OSHA safety requirements and accepted industry practices.
  • Assign responsibility for safety to a supervisor or foreman. Hold regular safety meetings and conduct periodic safety inspections as well.
  • Always have a First-Aid kit / station available as well as emergency phone numbers and a phone, in the event of an emergency requiring medical attention.
  • Create a map with directions to the nearest medical clinic and local hospital
  • Keep a stock of fully charged, easily accessible fire extinguishers on site.
  • When necessary, barricade work areas and provide warning signs near excavation sites and other hazards.
  • Hire an outside loss control consultant to inspect your job-site

If you have any further questions regarding Contractors Insurance and you are Interested in how much money you can save on your coverage?  Contact Integrity Now Insurance Brokers today for your free contractors insurance quote.

Integrity Now Insurance Brokers, Inc. – (562) 606-1030