You finally bought the contractor's insurance and it's great as you saw how the importance of having one for your business. It doesn't end there, though. You must ensure that your policy gets to work for you and get the most out of your coverage. To help you out, here are some concrete tips you need to follow to maximize your insurance.
#1 Add Endorsement To Your General Liability Coverage
Contractors used to have limited options to protect themselves from certain types of mishaps. Nowadays, insurance firms have become more open to adding endorsements to standard general liability coverage. For instance, you can now protect your business if your business work process or completed work led to a claim by adding faulty workmanship endorsement. Other types of additional insured endorsement include manufacturer's liability insurance, tenant insurance policies and defense coverage.
#2 Understand What Your Insurance (and does not) Cover
Are you aware what are the exclusions in your insurance coverage? Devote some time to know the extent of your policy. Through that, you can find out the holes in your coverage and adjust your ongoing risk management efforts and cash flow. If you see critical gaps, make sure to patch them up. It can be increasing the limit of your coverage or adding endorsements to have better scope and protection.
#3 Choose The Best Policy When Filing Claims
There are instances where different policies may overlap in terms of coverage, such as general liability and builders risk. With that, it can be confusing which claim is best to file. For instance, your business has been found at fault for an accident that resulted in structural damage. You can either choose one of the coverages. However, using the former can actually cost you more in the long run. Make sure to discuss things with your insurance provider and explore all options.
#4 Check With Your Insurance Provider Regularly
Have you bought new equipment, terminated more employees, or let go of some activities in your business? Make sure to pick up the phone and talk to your broker or insurance provider about these changes. If not, you might be paying a premium for a policy that might not provide adequate protection on current business operations. On the other hand, you can also be spending more than what you actually need.
Getting contractor's insurance is a must for any business but it doesn't end on purchasing one. Make sure to use these tips to ensure that you are getting the best out of your insurance.
At Black And Associates Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (509) 464-0058. You can also request a free quote by CLICKING HERE.
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