Contractors insurance is needed for a wide range of contractors, and this includes everyone from a home remodeler or a roofer to a plumber and other service professionals. You and your team could get injured on the job or worse, and you could also cause damage to the client’s home unintentionally. In such situations, your business may be held financially liable for everything from medical bills and funeral expenses to property damage repair costs and more. You may also be sued for other damages, such as pain and suffering, loss of enjoyment and other non-tangible expenses. Contractor liability insurance is designed to may for these expenses if they arise, so you need to have coverage in place before an accident happens. However, you understandably do not want to pay more for your coverage than is necessary. These helpful tips can save you money on your contractors insurance policy.
Choose a Higher Deductible
As with other types of insurance, you can opt for a higher deductible on your contractor liability insurance to save a small bundle on your premium cost. The deductible is the amount of money that your company is responsible for if you file a contractors insurance claim. Therefore, it should be manageable for your budget, and you may consider having a sum of money equivalent to the deductible available in a business savings account.
Shop Around for Lower Rates
Another way to reduce the cost of your contractors insurance is to shop for lower rates. It can be challenging to find several reputable insurance companies that offer this type of insurance, so you may need to scour the Internet to find the best options. Everything from your business type and history to your business credit rating and more may be reviewed when you shop for rates. Keep in mind, however, that you want to purchase your insurance from a reputable provider. Therefore, you may not always be able to go with the absolute lowest rate you can find.
Select Your Coverage With Care
A final and important factor that affects your liability insurance premium is the coverage limits you select. It can be difficult to ascertain how much money your business may be sued for in the event of a liability case, so you may seek professional advice from the insurance provider. Your coverage should be both protective and affordable, so you need to review coverage carefully with your budget in mind.
Contractors insurance is a necessity, and many clients will verify that you hold an active policy before deciding to work with you. Furthermore, you never know when a liability issue may arise, so you need to be fully covered at all times. You can easily explore the policy options today to begin your search to find the right policy for you.