Contractors Insurance Agency Archives - Contractors Insurance Agency

Are Your Insurance Policies Working For You?

By | Uncategorized | No Comments

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!


Measuring Success in Workers Compensation

By | Commercial Insurance | No Comments

The old adage says, “What gets measured, gets managed.” What does that mean for workers compensation? What can we measure to truly improve outcomes for everyone in the workers compensation system?

There is certainly no shortage of data, but what we do with it, how we measure it, and, most importantly, how we apply it are key components to improving the system for everyone.

The most important element of any program is treating injured workers well and getting them back to health and work as quickly as possible.

Three-point contact, adjuster caseloads, and the speed of communicating with the injured worker are all metrics to be extensively measured. But are these still relevant? Does success for these measurements lead to better outcomes, or should they evolve?

There is no definitive answer except that measurements are important if they ultimately lead to better outcomes.

Allowing metrics to evolve with advancing technology is important. The first communication with the injured worker is very different than just a short time ago. Some employers are now able to view employer video footage within hours of a claim being reported. Now, the first conversation with the injured worker can focus on them, not discovery.

The most important metrics to measure are those that focus on three core factors.

  • The speed with which the claim goes through the system
  • The quality of the medical care
  • Efforts around return to work

Keeping a balance on the metrics measured is key.

If you are making significant changes to your program, be sure to discuss these with the actuaries so they can adjust their modeling accordingly. Employers should meet with actuaries frequently to monitor trends that are impacting their program. It is important to show actuaries how all the metrics work together to see the whole story, rather than looking at any one metric in isolation.

Going forward, the industry will need to learn to trust the metrics more. It is time for stakeholders to rely on the technology, rather than what their guts are telling them should be right.

At the same time, it is crucial to make sure the customer is happy, regardless of what the measurements show. Measurements do not matter if the injured worker has a bad experience. There is no single measure that will guarantee success. The metrics can lead to positive outcomes when they are viewed as one factor in the overall injury management program. Organizations need to be willing to evolve and change with technology and the experiences of injured workers.

At the end of the day, it is how well we care for injured workers that is the most important thing.

If you have any questions about your workers compensation coverage please don’t hesitate to reach out to one of our licensed agents at Contractors Insurance Agency.


Let Safety Drive Business Success!

By | Commercial Insurance | No Comments

Workplace safety is not just a list of rules. It’s a process. It takes commitment, effort, and is ultimately  something most businesses have opportunity to improve.

Keep the following in mind as you review your current processes to let safety drive your business success:

  • Keep it simple and take one step at a time.
  • Lead your business with safety, placing a focus on preventing injuries and losses.
  • If you do not react to an injury or loss, that is a missed opportunity for the future.
  • Workplace safety should be done because it is the right thing to do.

Here are seven best practices to focus on as you design your safety and health program, or enhance what is already in place as you evaluate your current process:

  1. Establish safety and health as a core value: Communicate to all workers your No. 1 goal is to keep your employees safe.
  2. Lead by example: Demonstrate safe behavior in everything you do and make it a priority in your daily interactions with workers.
  3. Implement a reporting system: Establish a system for workers to report all injuries, illnesses, near misses and safety concerns.
  4. Provide training: Train workers on the safe methods for performing their job, as well as how to identify and report unsafe conditions.
  5. Conduct inspections: Inspect the workplace on a regular basis – using a checklist to guide workers through the process – and assure that unsafe conditions and behavior are corrected.
  6. Address emergencies: Plan for identified emergency situations, including communicating the instructions to all workers, and periodically conduct a drill to test the plan.
  7. Make improvements: Take time to discuss safety and health issues with your workers. Seek input on workplace changes and implement hazard controls to improve overall safety.

Below is a link to some of OSHA’s helpful resources to improve your safety process: https://www.osha.gov/shpguidelines/download-recommendedpractices.html.

Benefits of Product Liability Insurance

By | Commercial Insurance | No Comments

Your customers expect you to have safe and reliable products, and failing to meet these expectations can lead to huge financial losses. If one of your products harms a customer in any way, they can sue your business, leading to costly legal fees and settlements. These costs can easily reach six figures.

While you may do everything in your power to ensure your products are safe, mishaps can still occur without warning. That’s why, to protect against claims and ensure the longevity of your business, you need product liability insurance.

Product Liability Insurance includes:

Coverage for manufacturing or production flaws – One of the key features of product liability insurance is its coverage for manufacturing or production flaws that cause unsafe defects in the product.

Protection against design defects – Even after product testing and trial runs, potentially dangerous defects can still appear long after production. Product liability insurance can provide coverage for design errors that make goods unsafe for use by the public.

Response for packaging and warning issues – In the event that you fail to provide adequate defect warnings or instructions for using the product, your company can be sued. These claims arise when products are not properly labeled or have warning s that are not explanatory enough to reduce consumer risks while using the product Product liability insurance helps organization prepare for and litigate these types of claims.

Supplemental commercial general liability (CGL) coverage – Generally, there is limited product liability protection under a CGL policy, yet it may not be enough coverage to adequately protect your business.  Product liability policies work alongside CGL coverage, providing protection against losses caused by malfunctions or defects in your products.

Product liability is a complex exposure, and managing your risk can be a major undertaking – even if you have access to all the right resources.

To supplement your risk management strategies and address specific exposures, speak with one of our agents at Contractors Insurance Agency today.


Why is a Certificate of Insurance Important?

By | Uncategorized | No Comments

Are you a contractor, or a business that works with contractors? Then you’ve probably dealt with a certificate of insurance (COI). As a contractor, you’ve likely been asked to provide one to someone for whom you have worked. This is proof that you have proper insurance for the work you’re being hired to do. In fact, it can be an added benefit when you’re bidding for work.

What is a Certificate of Insurance?

Before we get into anything else, we have to clarify one very important thing. A certificate of insurance is not an actual insurance policy, and it’s not something you pay for. A COI is merely a document proving that you have insurance. It will typically show the types of coverage you carry, and what your liability limits are.

Why is a Certificate of Insurance Important?

For someone regularly hiring contractors, a COI can make a big difference in whether or not they choose you over someone else. If they hire a contractor without proper insurance, which can be proven with a COI, the company hiring the contractor could be held liable in the event that something goes wrong. Sometimes accidents happen and damage is done, but with a COI, you can prove that if something does occur, you’ll be able to cover the damage costs. The same thing applies if one of your workers gets injured on the job. With workers compensation insurance and the COI, you’ll be able to prove that you can take care of the costs and liability associated with any of these unfortunate circumstances.

Why Does Someone Want to See Your COI?

As a contractor, people for whom you work will always request a COI. They want to know and make sure that you have proper insurance coverage, so that they aren’t liable in the event of a claim. By having a COI, you are showing them a couple of things about your business if you have proper insurance coverage.

  • Common business coverage includes general liability insurance, which covers you if damage is done to property or someone outside of your company is injured on the job. Showing proof of general liability on your COI gives peace of mind to the person hiring you because they know that you’ll be responsible if an accident occurs.
  • Another type of insurance you should have (if you don’t already) is workers compensation. By proving that you have workers comp insurance, you can assure whoever’s hiring you that if one of your workers is injured, you’ll be able to cover their costs, and no one but you will be liable for their injury.

How is a Certificate of Insurance a Selling Point?

Unfortunately, some contractors will try to convince a business hiring them that they have proper insurance, when in fact they don’t. This is one of the reasons it’s so common for people to request your COI. Even with a COI, some contractors will use one that is expired or fake. With an accurate and current COI, you can assure the business hiring you that everything is covered and they won’t have anything to worry about. You can point out a couple of things to reassure someone that you’re reputable and your insurance is up to par.

  • Show them what types of insurance you have and why each one applies to their particular job. Explain that workers compensation coverage will protect them in the event that one of your employees gets hurt on the job. Do the same with your general liability coverage. These explanations will help them understand who holds the risk and how that benefits them.
  • You can also show them that the name on the COI is the same as your business, verifying that it is actually for your business and is valid.
  • The same applies for the dates on the COI. Point out that your insurance is current and will last throughout the job duration. If your insurance is set to renew during the job, assure them that you will present a new COI when you renew it.

While these things might seem simple or pointless, it can show that you care about transparency, and want to make sure everything is taken care of when it comes to the job.

How Do I Get a Certificate of Insurance?

When someone requests your COI, just go to your insurance agency and request it from them. You can then send it to whomever needs it. If you don’t have insurance, then you’ll need to get insurance before you can request a COI. As mentioned above, not only is it important to have insurance for your business, but it can also be added value when bidding for work.

Contractor’s Insurance Agency Can Help

If you’re a contractor and need insurance, Contractor’s Insurance Agency can help. Our name might give it away, but we specialize in helping contractors with their insurance needs. If you have insurance already, but have questions about COIs, feel free to give us a call at (888) 266-5120 or drop by our office. We’d love to serve you!

//Function generates a current year and adds language for copyright notice. var currentYear = function() { var d = new Date(); var n = d.getFullYear(); document.querySelector(".copyright-text").innerHTML = '© Copyright ' + n + ' Contractors Insurance Agency'; }// ~end copyright currentYear();