Managing a contracting firm is similar to spinning plates. The business pulls you in every direction possible, and you scarcely have time to do more than eat lunch and get back to work. As a result, you might have a hard time getting to things like your business insurance. You want to save money, but where do you start?
Use these three strategies to cut back on your contractor’s insurance premiums. With each step, you can build a better, safer business that has all the backing it needs.
1. Review Your Coverage
The best thing for any contractor to do is review their current insurance policy. You may not even know what the policy says, primarily because you needed insurance, someone wrote the policy for you, and you moved on. You’re paying because you have no choice but to be insured.
But is your policy working for you?
Many businesses find that they are overinsured in some areas and underinsured in others. By refining your policy with one of our agents, you can cut costs, make adjustments, and pay only for a policy that truly serves your business. You might:
- Increase deductibles
- Remove unneeded coverages
- Lower certain coverage limits
- Remove optional extras your business never uses and more
2. Check Your Workers’ Compensation Coverage
Make certain that your workers’ compensation coverage matches your business. First, you need to know that you are insuring the right number of people. If you only have 15 employees, why are you paying for workers’ comp that would cover twice that many people?
We offer access to a massive range of specialty carriers that work with contractors just like you, and they can cut your costs dramatically. Instead of paying for a brand name you know, we can find a specialty name you don’t know that offers better service, better value, and more coverage.
Our partners at The Liberty Company also help with a 24/7 nurse on-call service at a massively reduced cost, allowing your employees to seek advice before running off to the hospital or emergency room.
3. Deploy a Safety Program
Safety programs are one of the best ways to cut insurance costs. If you don’t file many claims, your costs remain low. At Strategic Insurance, we can help you with safety training through our partners at The Liberty Company. When your team operates in a safer environment, your claims figures will drop.
Plus, any claims that do occur will have our full backing—we make sure that claims are handled by the carrier properly. Your safety programs will, even in the face of claims, reduce their severity, thereby keeping your insurance costs down.
Contact Our Strategic Insurance Services Team for More Information on Contractor’s Insurance
Speak to our insurance experts at Strategic Insurance Services today when you need help with contractor’s insurance. Your business has quite a lot of moving parts and keeping them all secure is part of what we do. We can review your current coverage, write up a new policy, and provide safety support that reduces costs and prevents claims.