Cheap contractor’s insurance

Comparing prices and policies from multiple insurance carriers is one of the first steps to finding affordable contractor’s insurance.

You might contact each insurance company separately to get a quote, although this task is much easier by working with an online insurance marketplace, like Insureon, where you can compare free insurance quotes from multiple providers in real time.

Choosing a policy with the lowest premium might not be your best option, as each provider could offer policies with different exclusions, deductibles and coverage limits.

With Insureon, you can get free quotes from top-rated insurance companies after filling out our online application, which takes just a few minutes to complete.

If you need help comparing policies and considering your options, our licensed insurance agents are available to help you figure out which types of insurance you need for your business. Once you choose your policies, you can get coverage and a certificate of insurance in less than 24 hours.

There are a few ways that you can customize your insurance coverage to save money on your contractor insurance. The right coverage will meet all aspects of your business needs but not exceed it.

Workers' compensation insurance, which helps pay for medical expenses if you or an employee gets injured, is required in almost every state if you have employees. However, some policyholders may be able to save money on their workers' comp with a pay-as-you-go policy or ghost policy.

Additionally, commercial umbrella insurance is a good way to save money and extend liability coverage limits if you’re concerned about escalating legal costs.

Finally, most states have commercial auto insurance requirements for small businesses that own a vehicle. However, you can adjust your policy to choose less expensive options. Some areas you can save include lower policy limits, a higher deductible, and opting out of pricier coverage options.

You can also choose policy options that provide the right amount of protection for a reasonable cost. For example, paying your premium on an annual basis, rather than monthly, will likely earn you a discount from your insurance company.

Deductible. Choosing higher deductibles and lower coverage amounts can also reduce your premiums, although this should be done carefully.

The deductible is the amount of money you would pay out-of-pocket on a claim, before your insurance coverage kicks in. Choosing a high deductible or a low coverage amount can cost you more in the long run if you face some expensive claims.

Coverage limits. When purchasing business property insurance, your coverage limits should match the value of your business equipment. Should that amount change, you’ll need to update your policy as well.

A liability policy will have a per-occurrence limit and an aggregate limit. A per-occurrence limit is the maximum amount an insurance company will pay on individual claims. The aggregate limit is how much it’ll pay for all claims during a policy period, which is usually one year.

Additional insureds. Consider choosing a blanket additional insured endorsement, rather than named endorsements. While prices can vary from insurance provider to policies, a blanket endorsement typically proves to be more cost-effective in the long run.

Avoiding claims in the first place not only protects your bottom line, by reducing your out-of-pocket costs, but it can also help keep your premiums low. That requires managing and reducing your risks wherever possible.

Before you start a project, it’s a good idea to analyze each aspect of a particular job, the potential hazards involved, and how you’ll avoid or mitigate them. This can save you time and money in the long run, while reducing the chance of an expensive accident.

Whether it’s an employee or a subcontractor, everyone who works for you should have the licensing required to perform their tasks, and a commitment to perform each job in a safe and quality manner. This can help you avoid bodily injury claims from employers and subcontractors or claims of unsatisfactory work from your customers.

All of your employees and subcontractors must understand and follow your commitment to safety.

Make sure everyone on a job site has the right skills to do any task they’re assigned to. Establish safety protocols and procedures for each job, according to industry standards and safety laws. Make sure everyone on a job site knows the hazards and risks they’re dealing with.

Have regular updates on safety protocols, and check that everyone who works for you is following them. Inspect each person’s work to make sure it’s being done in accordance with local building codes, and the customer’s expectations.

Good quality tools and materials not only keep your employees and customers happy, but they can also reduce risks. Make sure your tools are in good working order, and that all deliveries meet your standards for quality.

Fully document the materials you use and how each job was performed, in case a customer has any questions or complaints. This can also help in case a local building inspector has questions or concerns about your work.

Open and periodic communications with your customers, employees, and subcontractors can help address minor concerns before they become larger ones or turn into a lawsuit.

Whether you’re a general contractor, carpenter, commercial builder, or independent contractor, you’ll likely need certain construction contractor liability policies to obtain a contractor’s license or building permits, comply with state laws, or to qualify for contracts.

Even when not required, these additional liability policies can financially insulate your business from expensive lawsuits:

Professional liability insurance, also called errors and omissions insurance, protects small businesses against the costs of client lawsuits over unsatisfactory work. If a customer accuses you of missing a defect as a home inspector, this policy can help with your cost of a lawsuit and settlement.

Builder's risk insurance, also known as course of construction insurance, covers structures under construction in case of damage from fire, theft, vandalism, and other risks.

Contractor’s pollution liability (CPL) insurance is a type of environmental insurance for the construction industry that covers pollution liability risks for contractors and their subcontractors. If someone accuses your excavation and grading business of causing polluted conditions or contamination to the soil.

Surety bonds act as a contract between a business, a client, and an insurance company. They guarantee the insurer will reimburse the client if the business fails to deliver contracted services.

Complete Insureon’s easy online application today to get free quotes for contractor business insurance policies from top-rated U.S. insurance providers. You can also speak with an agent about the types of small business insurance you need and any discount bundles for general liability and other insurance products.

Once you find the right policy, you can usually begin coverage and get your proof of insurance in less than 24 hours.