As a contractor, it's your responsibility to manage your risks and protect yourself and your company from financial loss. The best way to do this is to have a good contractor's insurance policy. If you want to get the most out of your insurance, there are a few things you need to do. Working with your insurance agent will help you find new ways to maximize your policy's protection.
You must know what risks you will have to face. If you know the risks, you can find potential solutions to ensure their impact on your company, and projects is as minimal as possible. Make a list of every risk and develop a solution for each one.
Lower your risk level so that you have less opportunity for financial loss. Teach safety courses and provide personal protective equipment to ensure all your employees have what they need to do their job efficiently and safely. Talk to our insurance agent to find additional ways to keep your level of risk as low as possible.
When you buy your insurance policy, go over it carefully. Get to know what it covers as well as what it doesn't. If you see something you don't understand, ask your agent for an explanation. Ensure you know everything about your policy and its coverage limits.
If you want to ensure you have everything covered, bundle your policies so everything is in one place. Bundling your policies will lower your monthly premiums and help you keep your information well-organized and easy to find. Your agent can help you with the bundling process.
Over time, your coverage needs may change or need to be adjusted. Reviewing your coverage regularly will allow you always to maintain the limits you need. Sit down with your agent and take a close look at your policy. Make any necessary changes during your review meeting with your agent. Sometimes, you may need to adjust your coverage with every job.
The best way to mitigate loss is to lower your risks and be transparent about your coverage. Keep a copy of your policy and provide the companies you do business with a copy of your declarations page. This allows them to review your coverage and show them your limits.
Understanding your contractor's insurance policy is a must. Contact the agents at Humble Insurance Group today to learn more about your policy and how you can maximize all its benefits. Our agents can answer your questions and provide all the information you need to make an informed decision concerning your contractor's policy.
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