How to Take Advantage of Your Contractors Insurance

​When was the last time you visited your policy and read every single clause? There might be loopholes in your policy that may be a hindrance to not get the most out of it. So we'll walk you through the things you need to know to take advantage of your contractor's insurance.

Add-ons for Your General Liability Coverage
Your general liability policy does not usually have specific clauses to cover faulty workmanship problems. But it is essential to know that you can add an endorsement to cover such claims. The Faulty Workmanship endorsement offers a cap of up to $10,000. Another best thing about adding this endorsement is that it's cheap! However, it can only be added to selected general liability policies.
 
Know the Right Policy for Your Claims
Different types of policies often overlap in terms of what it covers. For example, there is an incident that resulted in structural damage on your site, and you have been covered by builder risk and general liability policies. The Builders Risk policy will cover the unforeseen and unwanted events during your ongoing construction. On the other hand, the GLC policy will cover your property damage. 

If you file your claim on your general liability coverage, you will realize that it is more costly in the long run. So it is better to consult your advisor to have deeper insights in case such things happen. 

Learn the Limits to Your Coverage
Do you know up to what extent your policy can only cover? If not yet, you should allot some time to review your policy. See if there are clauses in your policy that doesn't cover your needs. It is also important that you know your risk and available cash flow before discussing possible revisions with your provider. 

Research About The Most Common Claims
For sure many would take an interest if you have new equipment in your workplace. Research shows that the most common filed claims are about theft. The numbers show that 75% of stolen equipment is only five years old and below. So it might be concluded that the newer the equipment, the more prone it is to burglary. 
 
Identify Policies to Combine
You might think about parceling your policies and getting different kinds from different providers. But what you might not realize for some time is that it will usually cost you big. So, it is more recommended that you get all your policies from the same broker or provider. They offer big discounts for getting multiple products from them.

It is also a big plus to your savings if you can go for a long time without incidents. Maintaining your utilization low will not cause higher premiums when renewing the policy.

Consult with Your Provider Regularly
Your broker or provider should always know about the recent changes that you have made. Informing them will do you better, for they can suggest additional policies that might cater to your changing needs. 

Use Your Coverage for PR
By knowing that you and your employees are well-protected, your customers will be more enticed to do business with you. Use your coverage as a business asset that can be used to attract more clients. Let the world know by posting it on your site, social media accounts, and through your other means of advertising. 

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.