Tips for Finding the Best Contractors Insurance Company
The contractor's insurance market is an ever-changing landscape, with new providers constantly entering the market and existing companies evolving their policies to keep up. This makes it difficult for contractors to find a company that will suit their needs. The best way to find the right insurance company for your needs is by knowing what to look for. Here are six tips to help you with your search.
The first thing contractors should look at when searching for contractors insurance companies is the amount of experience the provider has. This isn't always easy to determine, but looking into how long a company has been in business can give you an idea if it will provide adequate services and support. Experience also helps providers understand what risks contractors are likely to face, what kind of insurance contractors need, and how to price their policies.
2. Company Reputation
In addition to experience, contractors should also consider their reputation. One of the best ways to determine this is by looking at online reviews from current customers. In most cases, your friends and colleagues can give you valuable insight regarding contractor insurance companies they have used in the past. If there aren't any locals willing to share their experiences, look for online reviews on reputable sites like Yelp or The Better Business Bureau (BBB).
Contractors need contractors insurance companies that have a variety of coverage options available. These include the following:
Liability Insurance: This is one of the most important policies for contractors to carry. It protects them in case they injure someone or damage another person's property while on the job. It also covers legal expenses should you be sued by an individual who claims negligence due to your work at their home or business.
Business Property Insurance: This policy covers losses that might occur to your equipment, tools, and other property while on the job site or between jobs.
Workers Compensation: Contractors need contractors insurance companies that offer workers compensation coverage because it provides them with financial support in case a worker gets injured on the job (e.g., slips and falls) or becomes sick due to chemicals commonly used when working around homes and businesses. Workers compensation contractor's insurance also protects the provider from legal action in case a worker files a lawsuit against them, which can be costly and damage their business reputation.
Another factor contractors should keep in mind is convenience. This includes applying for a policy online, purchasing coverage on an as-needed basis, and getting customer service that's available when they need it, not just during normal business hours.
Contractors insurance companies that offer these conveniences typically have customer service representatives on standby to answer calls, process claims, and answer any questions clients might have.
5. Free Coverage Review
If contractors are still uncertain about what type of insurance they need, then a free coverage review might help. The agent helps find the best policy for you and your business at a price that fits within your budget. They also have experience dealing with contracts, so they can tell if there's anything on their current plan that may not be necessary or isn't worth having – which could save you money in the long run.
While some contractors might assume the more expensive contractor's insurance company will provide them with better coverage, this isn't always the case. There are many inexpensive contractors insurance companies out there that have excellent reputations and offer all of the above benefits. Do your research to find one that meets all or most of these requirements at a price you can afford.
Contractors insurance companies can vary greatly depending on the factors discussed above. While some might be more expensive than others, it's important to find one that fits your specific needs and provides you with enough coverage if something were to happen while working at a client's home or business. Second Western Insurance is a great choice for those looking to find affordable contractors insurance, mechanic insurance, or salon insurance. Call us today, and we'll help you find a policy that fits your needs.