September 6, 2018
4 Tips to Use When Applying for Contractor’s Insurance
Holding general contractor’s insurance is more than just a protection for your business—it’s required for most types of contractors in most states. Applying for contractor’s insurance and contractor bonds in Washington can be a long and confusing process. It’s easy to get lost in the confusion of comparing insurance providers, lists of confusing legal terms, and piles of paperwork. Use these four quick tips to help make the application process a little bit simpler!
- Research your insurer. As tempting as it may be to get the process over and done with, you should always factor in plenty of time to research insurance providers in your area and choose the one that works best for your needs. Choosing an insurance provider that offers a number of services and a comprehensive customer service team can help you avoid stress later on if you have a question about your policy or if you must file a claim.
- Monitor your insurance on a project-to-project base. If you begin to take on new types of projects or projects in a different industry, your insurance may leave you with gaps in coverage. If you plan on branching out in the next coming years, ask potential insurers if they offer small, temporary insurance add-ons that cover only specific jobs—these can be extremely beneficial to contractors who take the random odd job outside of their industry.
- Consider optional insurance coverage. Most contractors are required to hold general contractor insurance, but many insurance providers also offer additional coverage like builder’s risk and tools and equipment protection. Consider adding optional protection in addition to what is required by law for maximum coverage.
- Make sure your insurance covers your current needs. Your business is dynamic—the types of clients and customers you work with may change frequently. Every few months, reassess your insurance coverage and decide if you need to add additional protection. You don’t want to take on a big job only to find that you’ve been left with a hole in your coverage.
Are you still searching for a provider of general contractors insurance in Washington that’s a good fit for your business? Give DJM Insurance Services a call today at 800-763-0698 to learn more about your options and how you can protect yourself and your business with the right insurance.