2 Tips For Choosing A Contractor Liability Insurance Company For Your New Construction Business
If you are currently starting up a new construction business, you are probably in the throes of making a lot of decisions. One of these decisions is most likely regarding the company from whom you will purchase your contractor liability insurance. If you are still undecided, use the tips below to help you with making a decision when looking at and communicating with different insurance companies.
1. Look for Fast Turnarounds for Quotes and Other Communication
One thing at which you should look when trying to decide on which insurance company you should purchase your liability insurance from is their general turnarounds on quotes and initial communications. The way that they handle the time frames for getting you information can give you some insight into how it will be to work with them.
If you have questions before you purchase a policy, see if there is usually an agent to take your call. Or, if not, they should return your call either the same or the next day, depending on when you initiated the contact. They should also provide you with a quote within a couple of days after discussing your needs.
The reason why you want to pay close attention to a company's communication habits is that it will give you an idea of how they usually conduct business. You do not want to be faced with paying for a construction accident and not being able to get in touch with your insurance agent in a timely manner.
2. See What Other Types of Pertinent Policies Can Be Added to the Base Policy
Another thing to consider when choosing a company for your contractor's liability insurance is whether or not they provide other types of pertinent add-on policies. While you want to be insured in case of damage to property on your client's site, there are also other aspects of your construction business that should be insured.
For example, the equipment and tools you use are probably quite costly, and you should make sure that there is insurance on them in case of catastrophic damage. Combining protection insurance with liability can help you to ensure that personal property as well as your own property will be covered in case of an accident.
When choosing a company for your construction business, strive to select one that is quick to communicate with you and that has the ability to cover your equipment, workers, and materials. Contact several companies that offer contractor liability insurance to discuss what each one can offer your construction business so that you can make an informed decision when choosing a company and policy.