4 Effective Methods To Save Money On Contractor Insurance

Having your own construction business can be tough and we know you need all the help that you can get. Luckily, you can get contractor insurance for coverage in times of emergencies. Although insurance is a must, you also don't want to spend too much money on it. As a professional contractor, you should know some ways on how to lower your insurance policy. Here are some helpful tips.

Increase Deductibles

This is a common way or reducing any type of policy and is the same with contractor insurance. Increasing your deductible means you have to pay a higher amount of out-of-pocket money before the insurance policy kicks in. For example, if you choose a high deductible of $2,000, your monthly premiums will surely be lower. However, in the event of accidents, you'd need to shell out $2,000 before your insurance helps out.

Combination of Policies

There are many policies that you can combine in exchange for a lower rate on your contractor insurance. An example would be home and auto insurance combined with your business insurance. As a bundle, you can lower your rates and save your business a lot of money. Schedule an appointment with your insurance agent to know more about the bundles that they offer.

Save More Money Through Auto Insurance

If you use vehicles in your business operations and require professional drivers for your staff, get the best ones. Record shows that professional drivers with the best driving records get you discounts for your commercial auto insurance. What you can do is to check your staff's driving records every two years to make sure they stay on track.

Practice Risk Management

You don’t have to be an expert to set up small risk management practices around the office. When it comes to this, you need to tell your staff directly that you need to work together. This way, you can identify potential hazards that can hurt the business overtime.

All businesses are looking to save money if possible and it should be a habit for long time business operators. Insurance is a great investment for a construction business because of the high-risk environment that it’s in. At Wellcovered Insurance Group, we work hard in making sure that our clients are well-protected with policies that they can afford. To learn more about how we can help you, please contact our agency at (386) 218-4951 or Click Here to request a free quote.