Use these contractor insurance tips to find the perfect insurance fit for your construction business. Insurance cover not only protects your finances but helps recover losses too. Finding an insurance provider that offers your business the right cover can seem daunting, but it is an important element you simply can’t ignore.
1. Source an experienced and trusted insurance provider
Exercise due diligence when searching for a trusted insurer. Ask your colleagues for contractor insurance tips. They can refer you to insurance providers who offer the best cover.
Also, search for online reviews and browse different insurance websites taking note of their policies. Consider working with insurers that have been around for years and who specialize in the type of insurance you require. After all, there is no substitute for experience.
2. Have a variety of payment options
Pick an insurance company that offers various payment options. By having limited payment options, you could miss out on all your insurance has to offer.
Most insurers accept direct debit, direct bank deposit, standing orders, check off, cheque, and even credit cards. Confirm if they have flexible payment schedules and if you can make your payments online.
3. Adequate and affordable coverage
Great insurance does not have to be expensive. Once you determine how much cover you require, you can select an insurance company that meets with your requirements. Carry out a simple valuation of your business. Take into consideration your tools, equipment, and materials. The value determines the minimum insurance you should obtain.
Compare different quotes and meet with the insurance companies that have the best offers. Consider working with an insurer who can accommodate growing insurance needs as your business grows.
4. Have a fast turnaround time
In most states, contractors cannot start a new construction without proper insurance. A delay in getting your policy can affect your schedule and lead to a loss of income. Select an insurer who understands your urgency.
A good insurance company should be able to provide you with different quotations to choose from. Once you have made your selection, your insurer should process your policy in a few hours or a couple of days.
5. Helpful customer service
Choose an insurance company that provides 24/7 customer service or has available agents to assist. Insurance agents can answer your questions on claims, changes in policy, billing, premiums, and much more.
Check if the insurer is responsive and helpful when you inquire. Ask yourself: are they available on call, via email, skype, or social media platforms? Consider how fast their response is. You do not want to be stuck on hold during an emergency.