The best contractor’s insurance policy for your business is entirely up to what type of coverage you’re looking for, but don’t just settle on one policy. Look through all your options and see what policies can be bundled together to give you the right amount of coverage.
Premiums and Deductibles
Each policy has its own premium and deductible amount, which varies depending on what carrier you choose. For premium costs, the lowest payment could be around $350 and range up to the low thousands with deductible costs varying from zero to $1,000.
The costs really depend on what the carrier has set the price to be, which is why it’s best to look at all insurance carriers available to you so you can determine who is giving you the better deal. Some carriers might also include different fees or terms to follow, so before you agree to an insurance policy with a certain carrier, make sure you understand all the conditions.
How to Apply
To apply for a contractor’s insurance policy, you need to be able to provide specific information such as the location of your business, how many employees you have, what type of coverage you’re interested in, estimated business revenue, etc. With workers’ compensation, it’s best to classify your employees by their actual job title so you can be given an accurate payment for the policy.
Why you should require subcontractors to have insurance
If you have subcontractors working for you, then you should consider requiring all of them to have their own contractors liability insurance. It could be costly including them on your own contractors insurance, but it could be even more expensive if they were to make a mistake while on the job. If they don’t have their own insurance or aren’t covered in your policy, then the mistakes that are made will fall onto you, making you the one who is ultimately responsible. By requiring your subcontractors to have liability, you are protecting yourself.
When working with subcontractors, it’s best to make sure that they have all the licences and verifications they need to do the job correctly, and have them provide proof. Verify their license within your state, get references, make sure they know what needs to be done and how to do it, and most importantly, make sure they are insured.
We work with you!
By working with an experienced insurance agent, you can find better deals for the type of contractor’s insurance that you’re wanting. At Barnhart Insurance, we offer free help to compare costs, help with plans, and estimate your savings. Give us a call today at 586-506-0340 or send us a message by clicking here.