Hunter Insurance Blog

7 Tips to Lower Your Contractor Insurance Costs

As a responsible business owner, finding a great insurance policy is important to you. It’s the best way to safeguard your interests and protect both yourself and your employees. Great contractor insurance coverage shouldn’t feel like it’s pinching your wallet, however. Taking a little time to implement these practical tips can help you keep your insurance rates low without sacrificing your coverage. How to Save on Your Contractor Insurance Costs Ready to save some extra cash for your business? Let’s get started with our top money-saving ways to keep your insurance ...

Understanding Contractor License Bond Indemnity Agreements

When you purchase a contractor license bond in California, you will sign an indemnity agreement as part of the bonding process. If you are in the process of getting a license or just beginning to research license bonds, understanding the indemnity agreement is crucial. When you sign the agreement, you are signing a legally binding contract that could cost you in the event of a claim. What is a Contractor License Bond Indemnity Agreement? When you sign an indemnity agreement, you are agreeing to repay a surety company if they have ...

Does a Contractor License Bond Guarantee a Contract?

A contractor license bond is often required to get a contractor license issued. But can that bond be put to work for other purposes, such as guaranteeing a contract? The short answer is no. License bonds and contract bonds serve two different purposes. Keep reading to find out the difference between the two, and which contract bonds are likely to help you win a bid, get the job, and build your business. Contractor License Bonds vs Contract Bonds: What’s the Difference? A contractor license bond is a guarantee that you will do your ...

How to Decide How Much Contractor Insurance You Should Have

You know you need insurance. But how much is enough? One one hand, you realize the value of protecting your investment into the construction business you are building, but on the other hand, you don’t want to tie up too much cash in an intangible asset like insurance, either. When you have employees to pay, new equipment to purchase, and a work truck that is on it’s last leg, freeing up operating capital is essential. The best way to do that is to pick the right insurance coverage for your ...

Contractor License Bond Basics: Just the Facts

Do you need a contractor license bond? If you are interested in learning more about license bonds, there is a good chance you’ve heard through the grapevine that you need to carry one. Before you apply for your own bond, you may have a few questions about what a bond is, why you need one, and how your license bond works. Here’s the answers to the most frequently asked questions contractors have about license bonds, and the plain facts you need to know.   What is a Contractor License Bond? A license bond is ...

2016 Contractor Insurance Predictions

What’s new this year? For contractors and construction pros wondering what the future holds, we’ve looked at the forecasts from some of the leading construction industry insiders and contractor insurance experts to give you the inside scoop. 2016 is going to be a great year for construction pros. Take a look at some of the expected trends in your industry, the insurance market, and our suggestions on how to turn these opportunities into even greater profits this year. Continued Overall Construction Industry Growth Industry experts agree, 2016 looks good for construction growth. Dodge Data & Analytics, ...

When Should You Buy Your Contractor License Bonds?

What do you need to build a successful career as a contractor? In addition to the right tools, equipment, skillset, and knowledge of your trade, a contractor license and bond are critical to your business. Your contractor license shows that you know what you’re doing, and are a professional in your field. Surety bonds are a security deposit that you place with your Contractors State License Board that promise you will comply with your state license laws. Just like the name implies, a license bond and your contractor license go hand-in-hand. When ...

High vs. Low Contractor Insurance Deductibles: Consider the Risks

Having the right contractor insurance policies in place is an important part of running a construction business. Construction is a risky industry, and insurance can protect your business from complete financial ruin if an unexpected accident or incident occurs. But that doesn’t mean you have to overpay for this vital coverage. In fact, there are many ways to save on your contractor insurance policies, such as raising the amounts of your deductibles to save on your monthly premiums. High vs. Low Contractor Deductibles: Which is Better for Your Business? Before you run out ...

What States Require a Contractor License Bond

Getting your contractor license comes means checking off a long list of state requirements that can include an official application, an examination, and in most states, getting a contractor license bond. If you have any questions about your license bond requirements, here are the basics that you need to know, and a list of states which require one. A contractor license bonds is a guarantee as a contractor that you will follow the rules and regulations of your specific contractor license. A license bond is a three-party, legally enforceable contract between: ...

Contractor Insurance Buyer's Guide

Buying contractor insurance doesn’t have to be complicated, expensive, or take a lot of time. Once you know why you need coverage, and what policies will best protect your business, getting insured is a snap. Here’s what you need to know to get the insurance your construction business needs to succeed. If you are a general contractor, contractor, subcontractor, or owner of a construction business, you need insurance. Some insurance policies are even required by law to operate a business. Whether required or not, the right insurance coverage can help ...

What's the Fastest Way to Get a Contractor License Bond?

When you are a contractor, license bonds are an unavoidable part of your business. If you plan on having your license issued, renewed, reactivated, or maintained, then you are going to need a license bond. License bonds are an agreement with a surety company that you will work according to certain regulations and adhere to contractor license laws. Why Contractors Need License Bonds A contractor bond protects you, the agency or company who has hired you, and the company who issued the bond. If you fail to meet the terms of your ...

Builders Risk Insurance

You’ve closed the deal and signed the contract, with one stipulation. In order to do the work on this project, you will need to carry a builders risk insurance policy. You pick up the phone, call your contractor insurance provider, and are eager to get your builders risk insurance quote. Here’s what you need to know about what factors go into a quote, and what information you need to get the most accurate one. Site Location Where is your project located? Your builders risk cost will vary depending on the site location. ...

What You Need to Know About Your Builders Risk Insurance Quote

You’ve closed the deal and signed the contract, with one stipulation. In order to do the work on this project, you will need to carry a builders risk insurance policy. You pick up the phone, call your contractor insurance provider, and are eager to get your builders risk insurance quote. Here’s what you need to know about what factors go into a quote, and what information you need to get the most accurate one. Site Location Where is your project located? Your builders risk cost will vary depending on the site location. ...

What Remodel Contractors Need to Know About Course of Construction

Remodel contractors are faced with a unique set of problems when they head to work. Most often, you aren’t just going to a jobsite…you are entering someone’s home.  This brings a whole new twist to the rules of a workplace, as well as added challenges and even more responsibility. One of the biggest risks that a remodel contractor faces while at the site and home of a client is the chance that something could go wrong. An unforeseen circumstance that could ruin your progress, materials, and your client’s home. That’s why course of ...

The 5 Biggest Construction Insurance Blunders

When you are a contractor or own a construction business, you want your business to be solid. Smart. No mistakes. No accidents...and certainly no reasons to throw away hard-earned money. But if you haven’t given some careful thought to your business insurance coverage, you could throwing that money right in the trash. So it is worth taking a moment to pause and consider... Are you making any of these construction insurance blunders? 1. Thinking General Liability is Enough You need general liability no matter what kind of business you run. But for a construction ...