•Contractors Drive Down Liability Insurance Costs By Comparing Notes With Each Other
Smart and wealthy building contractors are the ones who associate with winners in their specialties, for good reason. They've come to realize they will never live long enough to learn all they need to know by themselves. They see the value of sharing information and comparing notes. They skip long, expensive learning curves suffered by the do-it-yourselfer's. As a result, they get smart much faster, and avoid making costly mistakes that happen using only trial and error.
For example,...
•Contractors Save Fortunes With Insurance Bid Specifications
Develop your own set of insurance bid specifications, so you can interrogate the insurance marketplace at will. Doing this wills save you a lot of money on Liability, Auto, Property, and Workers Compensation Insurance.
1. Your bid specifications should provide everything broker needs to produce a quotation.
It takes time and effort to build a full set of specs, but well worth it. They are pivotal to driving down insurance costs. Once they are developed, updating them once a year is easy....
•Contractors Save Lots Of Money On Insurance By Obtaining Competitive Quotations Every Year
Insurance costs on your profit and loss (P&L) statement can be significant and surprisingly volatile. Shop regularly to defend yourself against paying too much, and against shocking price hikes. Of course, shopping may result in reducing your insurance costs, which directly improves your bottom line profits. But you may not recognize your vulnerability to an insurance marketplace that can change quickly, resulting in painful premium increases or lack of coverage availability. Defensively,...
•How To Negotiate With Commercial Insurance Brokers - Take Control Of Broker Sales Interviews
From years of helping contractors and business owners negotiate with insurance brokers, I've developed some useful methods you can use in your own cost control efforts. For example, you may have experienced as your business insurance policy expiration date approaches, your insurance broker(s) want to schedule sales interviews with you to deliver their quotations. Some may also try the asleep-at-the-wheel method of renewal to see if they can get away with it; which is to simply mail you a...
•Insurance Premium Audits for Contractors - How To Avoid Getting Overcharged In An Audit
WHAT DO CONTRACTORS NEED TO KNOW ABOUT PREMIUM AUDITS? Most contractors find they are subject to premium audits from insurance companies for general liability, workers compensation, and sometimes for automobile, and even builders risk insurance policies. This applies most types of contractors, including general contractors, plumbing contractors, heating ventilation and air conditioning (HVAC) contractors, electrical contractors drywall contractors, painting contractors, roofing contractors,...
•To Really Save Money On Contractors Liability Insurance,Take Control Of Your Loss Runs
This article is one of a series of tips to help business owners save large amounts of money on business insurance. Today, we are going to talk about loss runs, which are vitally important to any buyer of business insurance, who wants to save money. They are also known as policy history reports, but are more commonly called loss runs. This information applies to all forms of business insurance, including contractors general liability insurance.
What are loss runs? A loss run is simply a...
•To Save Money On Contractor Insurance, Know and Manage Your Claims
Claims really cost contractors money. It is no surprise that claims work against you, when it comes to getting renewal pricing. When you have a loss, you likely will end up paying for it in increased insurance costs later. Your goal is to keep claims as low as possible when they do happen. Keep on the initiative for suppressing and preventing claims.
When a claim is filed, the claim adjuster books an estimate of the total claim. This is a guess as to what the total loss will be. It is...
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