CSIS Insurance Services, Inc. Blog
It's time for contractor insurance policies to get to work and protect you. At the same time, you need to save on your premium payments, and you need to get the most out of your contractor's insurance. At the same time, you need to patch up any holes that may be hiding beneath the fine print of your coverage. Here are some tips to put your contractor's insurance to work for you.
Maximize Your General Liability Coverage
You have the option to provide your general liability policy with an endorsement. This should cover claims for faulty workmanship. Liability policies generally include specific clauses that do not include coverage for any claim for faulty workmanship. But now, you can add a $10,000 coverage for that at an affordable price.
Choose the Right Policy When Filing Claims
There are cases when multiple policies offer coverage that overlaps one another, such as general liability and builders risk. In that case, choose contractor general liability policy and not builders risk. However, a general liability claim may make you pay higher premiums in the long run. The key is to talk with your insurance provider regarding your options. This should let you afford your premiums in the future.
Know What Your Policy Covers and Does Not Cover
Always take the time to review and understand your contractor’s insurance policy. By doing so, you can compare gaps in your coverage with your cash flow and your risk management strategies. In case you see glaring holes in terms of protection, then patch them up with your insurer. An option would be to include an umbrella policy in order to increase the limits of your existing policy.
Protect Yourself from Common Claims
If there's something that most insurance claims have in common, that must result from theft or burglary. When it comes to the loss of equipment, estimates for annual claims will reach as much as $400 million. Considering that 75% of all stolen equipment is five years old or newer, make sure that your contractor's insurance should include protection for commercial property, builders risk, and inland marine tools and equipment.
Shop around for the best price for your policy in order to make sure that you're getting the right price for particular coverage. However, watch out for pitfalls like cheap premiums. Remember that cheap insurance may cost you a lot in the long run. Thus, an option is to combine multiple policies as long as you're getting them from the same broker. That should lower all your premiums.
Some Final Words
Always check in with your insurance provider, especially after you've made changes in your company. Sometimes, your present contractor's insurance may not be enough to cover everything. The most important thing is that you should have one ready when you need it.
At CSIS Insurance Services, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 501-2747 or Click Here to request a free quote.
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