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Annual Coverage Review for Your Business

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You work hard each and every day to make sure your business is a success, and your customers are happy and want to refer you to others.

We know this because we are the same way!

You invest a lot of time and energy into your business and here at Contractors Insurance Agency we want to be sure you are protected from whatever may occur.

We can’t predict the future, so it is better to be overprepared than underprepared.

Does your company have insurance coverage that is up to date?  Do you even know what is in your policy?

It’s time to review it and make sure you are covered. We would be happy to review your existing policy and give you recommendations based on what you have shared with us. It may have everything you need, and you luck out.

If that isn’t the case, you can be grateful that you were able to update it before you had any major (or minor) issues that needed to make use of your coverage.

Insurance for your business is one of those things that you want to revisit often to make sure it is still up to date and valid.  Call us today and let’s make your coverage something that will protect you no matter what.

 

 

 

Are Your Insurance Policies Working For You?

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You spend a lot of time and effort working on your client’s projects and putting your all into them so the results are great.  It’s time for your insurance policies to put in that same effort for you!

Here are 5 tips to get the most out of your insurance policies:

Choose the Right Policy

When multiple policies offer overlapping coverage, choosing the right one can be tricky. Let’s say you are at fault for an incident that results in structural damage. You are covered under the builders risk policy for unexpected events that occur during the course of construction. You also have a contractor general liability (CGL) policy that covers you for property damage that you cause.

You may think that you should use your CGL policy for this, but that could end up costing you a lot more money. Talk to your insurance provider to determine the best route to take so you can keep your premiums affordable in the future.

Know What Your Policy Covers (and doesn’t)

Do you know what your insurance policies cover and what they don’t? By spending a little time reviewing the policies and asking questions about items you are unsure of, you can ensure that there are no gaps in your coverage.

If you see some obvious gaps in our protection, you can reach out right away to make sure that is covered.  You may need to add an umbrella policy in order to increase coverage in the event of a large claim.

On the other hand, if you notice coverages or endorsements built into your policy for risks that don’t pertain to you, give us a call at Contractors Insurance Agency and let us help you get that removed and reduce your premiums.

Protect Yourself from Theft

A high percentage of insurance claims come in due to theft or burglary. More than 75% of stolen equipment is less than 5 years old.  Make sure your equipment is covered adequately with the following coverage:

  • Commercial property insurance: Protects your tools and equipment stored at your place of business from burglary or theft.
  • Builders risk insurance: Protects your tools and equipment from burglary or theft from a project site.
  • Inland marine insurance: Protects your tools and equipment from burglary or theft when you are transporting them to and from storage, project sites, or even your home.

In the event your equipment does get stolen, the above policies can help you cover the cost of replacing what you need to.

Review your Policy Annually

When was the last time you sat down and had a conversation with your insurance agent? If it has been awhile, you want to be sure to have that talk now. Checking in regularly with your insurance agent can help you ensure you always have the correct coverage in place to protect you and your business at all times.

Some changes that could affect your coverage would be if you bought or sold a vehicle, fired or hired employees, or changed the scope of work that you perform.

Advertise Your Coverage

Did you know your insurance policies also add to your marketing efforts?

When you are promoting your business, be sure to always say that you have insurance coverage. It shows that you are serious about your business, that you are a professional, and that you can pay for an accident, injury, or unintended occurrence that happens while you’re doing your work.

Make sure you mention it on your website, social media, blog, advertising, business cards, and any other marketing you do throughout the year. Let clients know that you are insured, and happy to provide a certificate of insurance as proof of your coverage. Your insurance coverage gives you a leg up on the uninsured competition.

Those tips should help you to ensure that you are always protecting your business fully and getting the most out of the premiums you are paying.

If you have any questions on your coverage or would like to talk to us about putting some in place, we would love to chat.  Call Contractors Insurance Agency today!

 

5 Tips to Work Safe on Construction Sites this Winter

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Working in cold weather requires some different preparation than in warm weather. Here at Contractors Insurance Agency we want to be sure your construction work can continue safely through the winter months so you can stay profitable.

Winter has a whole new area of incidents that could occur on a job site, such as slipping on ice, frozen fingers or toes, damage to equipment in storms, and more.

Here are 5 tips to help you work safely through the winter:

  1. Winter Inspections

Having a well-maintained road before winter starts will make snow removal and maintenance easier once worse conditions blow in. Any holes, etc. that can be filled in need to be marked or barricaded off so that they do not become hazards when it snows.

Keep any reserves of sand or salt for road surfaces readily available and have a procedure in place for how you will use them.

Make sure engine and hydraulic oils in your equipment are rated for the temperatures in your area, and replace them if needed. Make sure the heaters in your vehicles and equipment work correctly and get them repaired if they don’t.

  1. Snow and Ice Removal

Be careful if you are shoveling snow by hand.  Studies have shown cold temperatures can constrict arteries, which increases blood pressure and the chance of a heart attack.

Any workers that have risk of heart attack should not be participating in shoveling snow.

  1. Prevent slips on ice whenever possible

Slipping on ice is one of the most common incidents that occurs at a construction site.

Ice can accumulate on scaffolding, ladders, walkways, stairs and work platforms, so you need to be careful and instruct your staff to be careful and everyone that sees ice on a surface should be responsible for cleaning it off or alerting someone in management about the issue.

  1. Work Indoors as much as possible in Freezing Temperatures

Freezing temperatures cause skin and internal body temperatures to drop. This can lead to issues such as frostbite and hypothermia. If that happens, it can lead to permanent tissue damage or in some serious cases, death.

If work cannot be rescheduled, set up warm areas for workers, make hot drinks easily accessible during breaks and give frequent breaks to warm up inside if possible. You may want to also consider shifts that are shorter in time so that you can reduce exposure to freezing weather.

  1. Personal protection equipment

Because personal protection equipment (PPE) for winter is to help you and your staff to stay warm, they can be bulky and limit mobility.

Be sure you are balancing protective gear so that it is warm and safe but also allows mobility to complete tasks.

Choosing PPE that is insufficient for the task or conditions can lead to issues such as loss of peripheral vision, loss of clear hearing, fogged up eyewear, decreased mobility and inadequate traction when on the ground.

Selecting PPE that best suits the task and conditions will ensure the risk of injury is as low as possible while still allowing functionality.

Gloves need to be heavy and durable, but with the right fabric and texture to allow you to remain dexterous. They should also be durable and waterproof in case of rain, melting snow and ice.

Insulated boots keep your feet warm and dry. They need to be breathable, so perspiration can get out. Also important is the level of traction you have when walking on slippery surfaces.

 

We hope these tips are good reminders of the best way to stay profitable and efficient through the cold and sometimes dangerous months of winter.

 

If you need any help with your insurance needs, please don’t hesitate to reach out to Contractors Insurance Agency at any time.

Protect Your Business from Unexpected Claims

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As a small business owner, you want to make sure that business is coming in steady and your employees are happy, but you also need to make sure that your business is protected from any unforeseen circumstances that may arise.

Property and Liability Insurance will provide you peace of mind when you need it most.

You may be wondering what exactly would be covered in that type of policy so we are going to break it down for you here:

Property Damage – when a customers property is damaged by one of your employees your coverage may help pay for repairs or replace the item.

Bodily Injury – If someone other than one of your employees is injured on your property, this can help with medical expenses, legal expenses and damages.

Libel, Slander, Copyright – Helps protest you against some lawsuit expenses from personal and advertising injury which may include disparaging another business in your ads, stealing an ad idea, and a host of other issues.

Building or Leased Space – Protects the building you own or a building where you are required to provide insurance coverage in your lease.

Contents of your Building – Can cover inventory, equipment, tools, other people’s property in your building that has been damaged, stolen, or where there was a natural disaster or weather damage.

Income – If there is a disruption or property damage, you may be covered for the expenses needed to resume business such as net income, payroll costs, and temporary relocation.

Contractors Insurance Agency wants to be sure that you are well protected so you can spend your time growing your business, not worrying about the what ifs.  Call us today to see how we can help you cover your business in the best way.

 

 

Why Your Contracting Business Needs Liability Insurance

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You have worked hard to build up your contractor business. You don’t want something that could have been avoided to be the downfall.  That is why you need liability insurance.

This insurance is referred to as commercial general liability insurance or contractor liability insurance. It is a policy that covers your business from the risk of personal injury claims, wrongful death, property damage, slip and fall on your business premises, and claims of infringement by other businesses.

The average price of a standard $1,000,000/$2,000,000 Liability Insurance policy for small contractors ranges from $37 to $60 per month.

Without liability coverage, your tools, bank accounts, vehicles, properties and more could be a part of a court battle in the case something happens.  You don’t want to become bankrupt or lose everything and have to start over when you could have easily put liability coverage in place.

Liability coverage is for the following:

Bodily injury claims – If someone visiting your site or working at it is injured, you can use the policy to cover their medical expenses, funeral expenses in the case of wrongful death, and compensation for pain inflicted and lost wages.

Completed products claims – You are protected against claims by clients who are injured by services and products that you already delivered.

Property damage claims – If someone claims that you damaged their property, they are eligible for compensation by your business if the court finds you responsible.

If we can help you put this valuable policy in place, or ensure you have the right coverage on your existing policy, please don’t hesitate to reach out.  Our Commercial Protection Leaders here at Contractors Insurance Agency are always here to help and keep you and your business protected.

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