Everyone can use some tips for saving on their general contractor insurance for a small business. If you are insured with general contractors insurance, it is very likely that you are spending too much on your premiums. Construction projects carry a more diverse range of risks compared to other industries but there is more reason why you are over spending more than you should.
The Small Business Administration says that construction business is more likely to be responsible for general contractor insurance in addition to property and vehicle insurance for each site and job. A great way to save money on all these required policies is to bundle them. Contact us today and we will look into bundling your general contractor’s insurance with other types of insurance you need for small business.
Theft can be a huge problem on construction sites and when materials and/or equipment get stolen, you have a lot of extra work usually in short notice. At this point, you may have harmed your relationship with your client because now the job is held up longer. On top of having to replace the materials that were stolen. When this happens, your insurance premiums will have a large chance of increasing.
In the construction industry it is very common for job sites to follow poor theft-preventative measures. We are seeing that if you take a few measures to prove you are of lesser risk than most of the insurance carries clients then they will offer you a better insurance rate. If your rate doesn’t decrease, you at least cut the chances of your construction site becoming a victim of theft.
– Have different keys for each piece of equipment
– Have a strict lockdown protocol for your team to follow
– Ensure that all construction buildings are locked at all times
– You could add a sturdy fence to your job site to maintain limited access points for others to walk or drive into
– Keep records of all items that come and go on the job site
You can also improve and update your safety requirements on your job sites which you can save hundreds of dollars on your general contractor insurance. Improving your safety requirements will save you on having medical costs since your employees will be less likely to have a bodily injury.
Requiring modern and updated scaffolding for all your contractors on your job site will help improve safety. Make safety your top priority and this will help you save on your general contractor’s insurance premiums. Contact us today to become insured and we will make sure you are not over spending more than you should be for your contractors insurance.
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