You’ve been in the business a long time. If any of your clients has an issue with your work, you go out there and fix it. You adhere to safety standards and run your business the right way. You’ve never even had an insurance claim. So why does it feel like you’re paying too much for your liability insurance?
Losses, experience, and operation can all factor into the cost of your insurance. But what you may not realize is there’s another factor that can lead to increasing insurance costs… not working with an insurance agency that specializes in the construction and contracting industry.
If you’re a General Contractor, you aren’t going to have the drywall subcontractor install the electric panel, or your finish carpenter install the plumbing. Why?
Because that is not their specialty.
The drywall contractor doesn’t know all the rules and regulations regarding electrical work. They don’t know the places to get the cheapest prices on supplies and they don’t buy enough to get discounted rates.
If you wouldn’t hire a subcontractor who doesn’t specializes in their trade, why would you partner with an insurance agency that doesn’t specialize in yours?
Inexperience Costs You Money
Does your insurance agent know what figure your current insurance carrier uses to calculate your policy’s cost? Is it your company’s Gross Sales? Payroll? Subcontracting Costs?
Are they using the proper class codes for your business and does your policy include coverages and endorsements that you don’t need?
If you are partnering with an agency that does not specialize in construction, then chances are that your agent does not know these answers and you are paying more than you should be.
More Options and Better Prices
Did you know that insurance carriers aren’t available to everyone? If your current agency does not have a certain number of construction accounts, the best insurance carriers won’t work with them. That limits your options.
On the other hand, the more construction accounts an agency has with a certain carrier, the more they’re able to offer their policies at bulk discounts. It’s just like working with your suppliers -- the more business you give to a supplier, the better the discounts.
If you suspect you’re paying too much for your contractor insurance, it’s time to give us call. At Hunter Insurance Services, all we do is construction and contractors insurance. We’ve been doing it for over 20 years. We’ve established relationships with the top contractor insurance providers available and are able to get your policies at rates you can afford. We know your industry and we have the expertise and connections to start saving you money today. Give us a call and find out how much you can save on your policies today.