The Best Contractors Insurance
Looking for the best protection for your contracting business? Looking for the best rates? Or maybe the service you are receiving from your current agency is not helping you achieve the growth that you are working hard for…
The best insurance program for your contracting business is going to be comprehensive and it should contain 3 main elements: It should be the broadest coverage on the market with an A++ rated company, it should be under budget with the price negotiated annually, and it should be under the supervision of a dedicated independent agent.
Depending on your particular trade you will have many options to consider. You do not want to pay for coverage that you do not need, however your business insurance should protect you in those situations that are unusual and unexpected. You also must understand that not every company’s coverage forms are the same..
Let’s say you hire a subcontractor to perform work on a customer’s residence. The subcontractor causes damage to the customer’s home in the course of their work and the customer now comes after both the subcontractor and YOU (acting in the role of a general contractor). To make matters worse you find out that your subcontractor’s insurance policy was cancelled a month ago because they failed to pay their premium (even though they gave you a certificate of insurance 2 months prior). Well guess who is on the hook now? You are more than likely because it was your business who hired the subcontractor to be on the job and you were paying the subcontractor to perform the work! Now would be a bad time to figure out that your general liability policy excludes damages caused by a subcontractor. Different companies have different exclusions and you must rely on your agent to guide you in the right direction.
Countless situations occur similar to this every day in your industry, and unfortunately ruins the reputation of and puts many contractors out of business.
We understand that every dollar you spend on insurance is a dollar that could be in your pocket, but we also know that every dollar you spend on insurance protection could save you thousands down the road.
Common endorsements to a contractor’s policy:
Chances are the clients or businesses you are working for will request that you provide them with a certificate of insurance. Often times they will request to be named as additionally insured under your policy.
Your insurance company can provide them with the additional insured status in 2 ways: either schedule each entity on the policy for a fee every time you need the endorsement, or charge you a 1 time flat fee for a “blanket additional insured endorsement” which would allow you to have as many additional insureds on your policy as long as it is required by contract.
Another common request for contractors is a “waiver of subrogation.” Similarly to the additional insured endorsement the entities can be scheduled on the policy and charged each time, or provided on a “blanket waiver of subrogation” basis.
There are many other types of endorsements/requirements you will encounter and it is important to consult with you agent on what exactly these mean for your business and how they would affect you in the event of a claim.
The Briggs Agency, Inc. provides comprehensive insurance plans customized for each business in the following industries:
· Roofing contractors
· Heating & air conditioning contractors
· Electrical Contractors
· Landscape/tree trimmers
· Concrete contractors
· Garage door installers
· Painting/drywall contractors
· Excavation Contractors
· General/paper contractors
· Safety service/rescue teams
The insurance coverages we can provide but are not limited to the following:
· General Liability
· Contractor’s Professional liability
· Contractors Pollution liability
· Directors and Officers liability
· Cyber liability
· Employment practices liability
· Umbrella liability
· Commercial Auto coverage
· Building and business property coverage
· Tools/equipment coverage
· Workers Compensation
· Builders risk coverage
· Group health insurance programs
We take pride in our ability to place almost any type of risk that the insurance marketplace will offer.
Just as important as the actual insurance coverages you purchase is the service that you receive from your agency.. Some agents will sell you a policy and not speak with you until it is time for you to renew. We take a hands on approach with our clients and provide support in any way we can throughout the year. Some of our additional services include:
- Responding to your certificate of insurance requests in a timely fashion
- Consultation with your agent anytime you need it
- Loss control services from your agent and carrier representative
- Reviewing your sub-contractor certificates
- Helping you establish a sub-contractor agreement
- Helping you establish return-to-work program
- Workers Comp and General Liability audit reviews
- Annual, Semi-annual, or Quarterly business on-site review and risk management analysis
· 24/7 Emergency support
Contact the Briggs Agency for a second opinion on your business insurance. Working with contractors in Indiana, Illinois and Michigan since 1946. Here to serve your business!
Briggs Agency, Inc.