{"id":1254,"date":"2021-07-23T19:25:23","date_gmt":"2021-07-24T02:25:23","guid":{"rendered":"https:\/\/contractorslicensingschools.com\/blog\/?p=1254"},"modified":"2021-07-23T19:25:23","modified_gmt":"2021-07-24T02:25:23","slug":"how-to-save-money-on-insurance-for-your-contracting-business","status":"publish","type":"post","link":"https:\/\/contractorslicensingschools.com\/blog\/how-to-save-money-on-insurance-for-your-contracting-business\/","title":{"rendered":"How to Save Money on Insurance for Your Contracting Business"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/contractorslicensingschools.com\/blog\/wp-content\/uploads\/2021\/07\/shutterstock_623894228.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-1258 size-full\" src=\"https:\/\/contractorslicensingschools.com\/blog\/wp-content\/uploads\/2021\/07\/shutterstock_623894228.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/contractorslicensingschools.com\/blog\/wp-content\/uploads\/2021\/07\/shutterstock_623894228.jpg 1000w, https:\/\/contractorslicensingschools.com\/blog\/wp-content\/uploads\/2021\/07\/shutterstock_623894228-300x200.jpg 300w, https:\/\/contractorslicensingschools.com\/blog\/wp-content\/uploads\/2021\/07\/shutterstock_623894228-768x512.jpg 768w, https:\/\/contractorslicensingschools.com\/blog\/wp-content\/uploads\/2021\/07\/shutterstock_623894228-624x416.jpg 624w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a>As a contracting business owner, you\u2019ll need to carry insurance. And like other expenses you have for your business, you\u2019ll want to get the best deal without compromising on that necessary protection. There are a lot of ways to save money on insurance that allow you to choose the best coverage. Here are a few tips to keep in mind.<\/span><\/p>\n<p><b>Shop Around for Coverage<br \/>\n<\/b><span style=\"font-weight: 400;\">When you shop for any big purchase, you\u2019ll probably go to a few different places to see which one offers the best product or service at the best price. You should be doing this for a variety of services you keep for your business, especially insurance. Insurance companies often have significantly different rates and package options, and you should check out at least a few of them before you make a choice. In fact, you might even notice different prices between agents of the same company. If price is a big factor for you, be prepared to invest several hours into considering your options.<\/span><\/p>\n<p><b>Find Out How Much You Really Need<br \/>\n<\/b><span style=\"font-weight: 400;\">As you\u2019re browsing types of insurance for your business, get input from your insurance agent about the amount of coverage you\u2019re likely to need. You definitely don\u2019t want to undercut yourself and end up in a situation where you don\u2019t have enough coverage in the event of an accident or other kind of liability. But you can certainly ask about deductibles and other ways that you can lower the cost for the same level of coverage. It\u2019s worth doing independent research or asking a mentor for information about coverage recommendations, so that you\u2019re not just having to take your agent\u2019s word for it.<\/span><\/p>\n<p><b>Ask About Discounts<br \/>\n<\/b><span style=\"font-weight: 400;\">Insurance is a highly subjective service. The cost you pay depends on a variety of factors, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Industry<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Area of specialty<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Size of the business<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Experience<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Claims history<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Insurance agents may have some flexibility in determining the prices that they offer you for insurance. It\u2019s a good idea to ask about discounts that you might qualify for. When you\u2019re just starting your business, you might not be able to access discounts that require you to prove certain aspects about your business, like safety. But if you sign up for a package deal, including liability insurance and insurance for something else like a company vehicle, you may be able to lower your costs that way.<\/span><\/p>\n<p><b>Update Your Policy<br \/>\n<\/b><span style=\"font-weight: 400;\">When people start a business and get the insurance they\u2019re required to have, they often assume that their role in the process is done. But if you want to ensure that you continue to get the best price, you\u2019ll need to periodically evaluate your policy. If the nature of your business changes, it\u2019s important to notify your agent and get recommendations about changing your coverage if necessary. Updates may open up new discounts that you didn\u2019t qualify for earlier, and they also ensure that you always have the right amount of coverage when you need it.<\/span><\/p>\n<p><b>Make Safety a Priority<br \/>\n<\/b><span style=\"font-weight: 400;\">In an industry like construction, the safety of your business and your employees is a significant factor in your insurance costs. Insurance companies prefer to work with contracting businesses that have a strong commitment to safety. That means that you may be able to save a significant amount on your insurance premiums by implementing a safety program and maintaining it on a regular basis. It\u2019s a smart practice to ensure that everyone you work with knows how to do the job safely and protect others. But from an insurance standpoint, safety also saves money on claims. It makes sense that companies that work to minimize injuries and damage will pay less for insurance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finding the right insurance coverage at a good price is another part of running a contracting business. For more information about what you\u2019ll need to start your own, contact CSLS today!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a contracting business owner, you\u2019ll need to carry insurance. And like other expenses you have for your business, you\u2019ll want to get the best deal without compromising on that necessary protection. There are a lot of ways to save money on insurance that allow you to choose the best coverage. Here are a few &#8230; <a title=\"How to Save Money on Insurance for Your Contracting Business\" class=\"read-more\" href=\"https:\/\/contractorslicensingschools.com\/blog\/how-to-save-money-on-insurance-for-your-contracting-business\/\" aria-label=\"Read more about How to Save Money on Insurance for Your Contracting Business\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[220],"tags":[],"class_list":["post-1254","post","type-post","status-publish","format-standard","hentry","category-contractor-business"],"_links":{"self":[{"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/posts\/1254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/comments?post=1254"}],"version-history":[{"count":0,"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/posts\/1254\/revisions"}],"wp:attachment":[{"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/media?parent=1254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/categories?post=1254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/contractorslicensingschools.com\/blog\/wp-json\/wp\/v2\/tags?post=1254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}