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Due to the inherent risks associated with the construction industry, it’s always a good idea to get insurance for your small contractor business. This way, you don’t have to be worried every time your company faces a potential lawsuit.


You still, however, need to be cautious when choosing the correct small contractor business insurance cover. While you don’t want to end up underinsured, you also don’t want to spend unnecessary money on coverage you don’t require. Right from the start, set out to choose the correct insurance that best suits your business requirements.


5 Insurance tips to get you started on beating risk


  1. Start with a basic cover


If it’s your first-time getting contractor insurance, you should start small. Ideally, you would start with General Liability. This policy covers third-party claims for property damage and employee injury.


Over time you can then add on Commercial Auto, Errors and Omissions, or Inland Marine insurance coverage. The first covers the vehicle you use for work. The second protects you from the consequences of giving bad advice or negligence. The third is coverage for theft.


  1. Bundle your insurance policies

The substantial increase in market rates since 2019 has seen your premiums doubling at times, especially Commercial Auto policies.


Bundling your policies, usually makes them cheaper in the long run. In fact, at Contractors Liability, we make things easier for you by guiding you through the process from start to finish.


  1. Pay attention to deductibles


The current pandemic has done little to stem the tide of rising premiums. There are, however, ways you can offset this, one of the most common is to increase your deductible.

By increasing the amount of money, you pay when filing a claim, you can effectively reduce the amount you pay for your cover.


But make sure you don’t increase your deductible to such an extent that it becomes a burden to pay.


  1. Be wise about making claims


The more you claim, the higher your premiums. As such, it is sometimes best to pay for some losses out of your pocket. Also, you should make a concerted effort to keep your employees and equipment safe, thereby reducing the instances you will need to make a claim. It is best to get advice from your insurance agent before claiming.


  1. Regularly review your insurance policies


When you first got insurance, you may not have had employees or even owned a work vehicle. But your circumstances may have changed since then, and your business now requires those extra layers of protection. As such, it is wise to adjust your policies as you go.

The right insurance for your small contractor business

If you are on the market for small contractor business insurance coverage, Construction Liability has got you covered. Our professional consultants are standing by to ensure you get the best insurance bundle for your business, at an affordable price. For inquiries, call us at 866-225-1950.




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