When you start a contracting business, bring more employees into your current company, or expand what you already offer to customers, you will generally need to adjust your insurance coverage. Here are six of the most important areas you need to address before getting, or changing, your contractor insurance policy.
1. Be Sure to Understand Your Needs and Your Risks
If you do not know what your company requires, or are not clear on the type and level of risk you have, you may find that securing contractor insurance is more complicated than it should be. It is important to address what is really needed, so you can get the proper level of coverage to protect yourself and your company.
2. Choose a Trusted Contractor Insurance Provider
When you work with Brashears Insurance, you have the opportunity to speak with a knowledgeable agent who is able to give you options to consider. Not all contractor insurance policies will be right for your needs, and when a policy is not the right fit, it will not protect you the way it should. But the right insurance company and agent can reduce the chances of having a policy that does not work for you.
3. The Least Expensive Policy May Not Be Right for You
Choosing the least expensive option may feel like you are saving money, but you may not be getting value for the dollars you are spending. Rather than pay for something that is not going to work for you, consider spending a little more for the right policy. You are buying security and peace of mind, and you should ensure that you are getting good value instead of being too focused on the overall cost.
4. Know What is Really in the Fine Print
Most people never read the documents that come with their contractor insurance policy. They put them into a drawer or a file cabinet, so they have them for their records. But you need to read the policy in full and ask questions about anything you do not understand. That way you can get what is needed and understand the areas where you are covered and where any gaps might be.
5. Determine What Works for Your Deductible
By choosing to reach out to Brashears Insurance, you have the opportunity to ask plenty of questions about your deductible, as a higher deductible will lower your monthly premiums. But you will want to make sure you can afford the deductible if you have a claim. That is important to consider, and working with the right agent can help.
6. Overestimate Your Coverage Needs for Safety
When you make a decision on the level of coverage you need, overestimating what you require can be the right choice. By doing that you have a little more coverage than you might really need, but that is far better than being underinsured. The more knowledge and information you have, the more easily you can get the right contractor insurance policy.