As a contractor, you understand the importance of protecting your business and employees. Whether you’re a plumber, HVAC technician, electrician, roofer, or general contractor, you must purchase a wide range of insurance products to secure your business and employees.
But, how do you obtain business insurance for a contracting firm? Use these tips to work with your agent at Liberty Arizona.
Assess Your Company’s Needs
Before you start shopping for insurance, it’s crucial to assess the types of insurance you need, your business model, and how you want to serve your employees. Collect all the information you need to take to an insurance agent, planning for every need instead of buying insurance “a la carte” over a period of several months.
Common data points include:
- Annual revenue
- Number of employees
- Average number of and value of claims each year
- A review of the work you commonly complete
- Current insurance policy documents (for review)
Building an Insurance Portfolio
Building an insurance portfolio is crucial for contractors. You’re doing more than buying policies for which a premium is due every month. You’re purchasing financial protection that shields you from massive losses.
Here are some tips to use when building your insurance portfolio with you’re agent at Liberty Arizona:
- Know the minimum insurance requirements for your state and industry
- Consider the unique risks and exposures your business faces
- Evaluate insurance options, including liability, workers’ compensation, and property coverage
- Consider additional coverage options, such as commercial auto insurance, cyber liability insurance, and professional liability insurance
- Don’t over-insure yourself out of fear
- Don’t under-insure yourself to save money (let our insurance agents help you save money)
Budgeting for and Managing Insurance Policies
Budgeting for every insurance policy is important for contractors. Work with your insurance agent to cut costs and partner with them to manage or track claims.
Your general ledger should have space for your insurance policies, and you should assess your spending each year. When you feel you’re paying too much and not getting good service from the carrier or the policies aren’t all that helpful, you can make a change at renewal time.
Moreover, you may want to ask someone within your business to handle insurance so that you can focus on the core of your business.
Contact Liberty Arizona for Help With Insurance for Contractors
At Liberty Arizona, we understand the importance of protecting your business and employees. Contact us today to help you build an insurance portfolio that meets your specific needs. Remember, contractors must do more than buy insurance. They must build an insurance portfolio, assess their needs, attempt to save money, track claims, and partner with an insurance expert for optimal results.