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When it comes to small contractor business insurance, there is only one way to win, and that is to get the most out of your policy. In this article, we will give you 3 ways you can do just that.


  1. Be careful when filing claims


If you have several small contractor business insurance policies running at the same time, there can be quite a bit of overlap. As such, you should always follow the route that leads to the least financial loss. Say, for instance, there has been an incident leading to structural damage at one of your sites, and it’s your fault.


If you are not familiar with the terms of your insurance policies, you might be torn between claiming it against your General Liability or Builder’s Risk policy, for example. It may seem reasonable to file the claim against your General Liability policy. However, this may cost you more in the long run.


The policy may not even provide coverage for this. If you don’t follow the right damage claim protocol, your insurer may not pay. But worst of all, you may be underinsured, in which case your policy could be voided, leaving you with no cover at all.


To avoid any confusion, sit down with one of our insurance consultants. We will talk through all your options, especially when it comes to workplace damage claims you’re unsure about. This way, you keep your deductible and premiums as low as you can.


  1. Understand what your insurance policy covers


When you first got insurance for your small contractor business, chances are that you did not take the time to fully understand the full scope of what each policy covers. This alone could lead to you losing money.


However, with a bit of research, you can quickly find the gaps in your cover and patch them up where necessary. Whether this means bundling your insurance in an umbrella policy or ditching some policies completely, at least you’ll have only what you need and won’t be paying unnecessarily high premiums.


  1. Be serious about risk management 


Even before the current pandemic, risk management could be tricky. We advise our clients to invest in technology to help you out with this. The adoption of technology in the construction industry has been on the rise this year, with approximately 30% of contractors using technology to increase productivity.


However, although you can limit onsite risk, you cannot stop it altogether.  A General Liability policy will protect your finances against third-party claims for property damage. A Builder’s Risk policy provides property replacement coverage. Find out exactly what coverage you need to protect your contractor business from financial risks.


Get the most of your small contractor business insurance


At Contractors Liability, we know just how hard you work for your money. We offer sound insurance advice that helps you get the most out of your small contractor business insurance premium. Don’t delay, call us at 866-225-1950, and we’ll get all your insurance needs sorted.








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