If you work in construction, you may already understand the heavy costs associated with your work.
You may be familiar with the concept of builder’s insurance, but you may not know some of the easiest ways to save money on your policy.
These tips will help you optimize your coverage so you can focus on the building instead of the financing.
Builder’s insurance typically covers property damage, theft, labor costs, disasters and other damages; it almost never covers human injury or workman’s compensation.
The first and easiest way to save money is to look for bundled policy.
Many firms can give you much better rate if you go to them for both of these policies.
If you need to add any additional plans, such as covering an office or vehicles, grouping everything together can improve the savings further.
Assess the Risk
Most insurers will recommend that you cover 100 percent of your materials and labor costs, but this is not always a universal truth.
If you get a risk assessment, you will find that different jobs have different insurance needs.
You should never need more than 100 percent coverage, but knowing when you can safely reduce coverage is a great way to earn back revenue.
Get Regular Audits
Audits never feel simple, but to an experienced insurance agent, they are routine.
Consider regular audits to look for mistakes or poor estimates in your financial reports.
Imperfect cost analysis can hit you on both ends of the spectrum by convincing you to buy too much coverage and by leaving you high and dry if/when you purchase too little.
Although there are plenty more ways to save on your policies, this is a good start to helping you save money on your builders insurance coverage!