A construction job site changes constantly. Trucks move in and out, workers carry materials to and from the building, someone digs a hole and someone else fills it with cement. Staying alert to these changes is an important part of hands-on contracting work, just as keeping aware of your changing needs for insurance coverages is an essential part of the business of general contracting. To stay competitive, you need to make sure that you have the right general liability insurance for contractors and that you're paying the right rates for contractor general liability insurance.
Contractor General Liability Insurance: Keeping the Costs Down
General liability insurance for contractors kicks in when something you've done on a project, or omitted to do, causes harm to a person or to property. If someone twists an ankle in an open, unmarked hole left by one of your workers, your liability insurance would cover medical expenses (and legal fees if the person decided to sue you for negligence).
There are several ways to save on the rates for general liability insurance for contractors. Some contractors choose to purchase contractors general liability insurance as part of a complete business owners policy (BOP). A BOP also provides other coverages such as business property insurance. It's generally less expensive to purchase insurance in this combined package, but be sure that the policy you're considering has all the coverages you want or that you can purchase additional riders or policies to cover any gap.
Require any subcontractors on your job to carry their own general liability insurance for contractors. If you can show proof that your subcontractors are covered, your insurance company may reduce the rates for your own contractor general liability insurance policy.
Raise your policy deductibles by $500, $1,000 or even more. It can make a significant difference in your policy rates.
Finally, ask an experienced business insurance agent for advice on how to cut your premium costs with loss control programs. As your claims go down over time, so will the rates your pay.
Get Competitive Rates on General Liability Insurance for Contractors
If you've been accustomed to calling multiple insurance agents to compare rates for contractor general liability insurance, it may be time to make a change in your approach. Simply go to localinsurance.com, fill out a form about your business and about your insurance needs, and you'll get back quotes from several of the leading insurance agents in your area—companies that want your business. Localinsurance.com is the fast, efficient way to get competitive quotes on general liability insurance for contractors and any other type of contractor business insurance—and that's a change for the good.
See how much you could save today on your insurance. Get your free business insurance quotes today!