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contractor insurance Archives - Contractors Insurance Agency

In Honor of Small Business Owners

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We know that contracting businesses are usually small operations. You love what you do, you work hard, and you do excellent work on your projects. You are a great business owner.

Did you know March 29th is National Mom and Pop Business Owners Day?

We are also a small business like you, and we understand the effort and time you put in.

We don’t want you to worry about the things you don’t need to so if you have any insurance questions, please don’t hesitate to reach out to us at Contractors Insurance Agency. That is what we are here for.

Small businesses are a big part of the economy but sometimes they can be overlooked. People know the big corporations by the branding, but the little operation is almost always friendlier, has better customer service and really cares about the people they work with.

Some ways to honor these small businesses in the community include:

  • Gifting gift cards from your favorite small businesses to others that may not have tried it yet.
  • Tell others about your great experiences and share the contact information if someone asks for it.
  • Be a repeat customer.

Small businesses are often the places that support local school and sports events and really care about their community.

The U.S. Small Business Administration reports over 27 million small businesses now and you are fortunate to be one of them.

Many people strive to be business owners, but you are doing it.  You don’t mind the long hours, hard work and dedication it takes to grow your contracting business and keep your stellar reputation. We see you and are proud of you.

Our business has been handed down through the generations as many small businesses are. Is your contracting business a family legacy?

We thank you for trusting us with your insurance needs and we promise to keep you well protected so you can focus on growing your business for years to come.

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!

 

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