How To Get The Best General Contractor Insurance Quote
Most General Contractors are worried: what will happen to the Construction Industry in 2021? One thing is for sure: you don’t want to be spending more than you need to on anything, from building materials through to insurance.
This article tells you what things influence your General Contractor insurance quote, and where to look for cheap contractor insurance.
7 Factors that influence insurance prices
Several variables will determine the premium your business pays for insurance. Here are 7 of them:
1. The nature of your construction business
Some businesses, like roofers, are considered riskier and therefore attract higher premiums.
Plus, the extent of business exposure counts. If you operate across the whole supply chain, you carry more risk. For example, a business that makes, sells and fits the product will pay more than a retailer.
2. The size of your business
Smaller businesses have better access to cheap contractor insurance. As your business grows, you will have to pay more for general liability insurance. Some contractors aren’t sure which scale they belong and sometimes get charged relevantly higher, it’s important to check Cheap Contractors Insurance as it provides step-by-step guidelines for every business size and class.
3. Number of employees
Likewise, the number of people you employ will bump up the price of your insurance. The larger your payroll, the more chances of employee-related liabilities; hence your premium goes up.
4. Your insurance history
If you’ve had other claims in the past, you’re most likely going to pay more. On the other hand, if you’ve been in business for a while and still have a clean sheet, it lowers your premiums.
5. Your deductibles
The lower your deductibles (out of pocket costs before the insurer steps in), the higher your premiums. And the reverse is true. You must balance the risk you can share with the insurance provider and how much you will pay in premiums.
6. Business location
For a business operating in larger areas, premiums may cost more. Also, if you do business in a generally high claims area (where other contractors take out insurance claims frequently), your insurance payment may be more expensive.
7. Discounts (Yes!)
Insurers can offer various discounts, for instance, they’ll reward you for early payments or taking out other insurance covers with them.
Get the Best General Contractor Insurance Quote
The pandemic has disrupted your business enough. You can’t afford to open yourself up to any liabilities. That said, finding the right package will cost you time, which you could spend rebuilding your business. You need people who know the right questions to ask to streamline the process.
With all the variables involved, a cookie-cutter insurance policy is not good enough. You need insurance that assesses your business risks accurately, offers full coverage yet remains competitive.
But, be careful.
Don’t choose the first quote you get. Choose a professional insurance company that access to the best policies from the best carriers at the best prices. And (hot tip) be sure to check out their online reviews.
Where to buy cheap contractor insurance
So: did you know that you don’t have to do your job and work on trying to get the best insurance quotes? An insurance company can do this for you — online. They will handle everything on your behalf.
References
https://www.contractormag.com/construction-data/article/21152193/2021-industry-forecast
https://www.progressivecommercial.com/business-insurance/general-liability-insurance/general-liability-insurance-cost/#:~:text=General%20liability%20insurance%20cost%20factors&text=Your%20location%20-%20Rates%20vary%20based,than%20a%20business%20with%20employees.
https://fitsmallbusiness.com/contractors-insurance/
https://www.google.com/amp/s/www.thehartford.com/general-liability-insurance/contractors/amp
https://www.thebalancesmb.com/what-is-the-average-cost-of-small-business-insurance-4172224
