Contractors insurance can be expensive, especially if you have a full-time job that keeps you from doing the work yourself. However, there are several simple steps you can take to save money on your contractors insurance and make sure that you are still covered if something happens while working on your house or property. Here are five of them
1) Shop Around
If you’re unhappy with your contractors insurance company, it doesn’t hurt to check out a few other options. You may be able to get a better deal from another provider and save some money at no extra cost. The more quotes you collect, and especially if you can get local providers to compete against out-of-town ones, will help lower your premiums without sacrificing quality coverage.
2) Ask About Discounts
Chances are, contractors insurance is necessary. The trick is figuring out how to get it at a price you can afford—especially if you’re a small contractor, self-employed or don’t make that much money. If you find yourself in any of these situations, see if your insurance provider offers discounts for when you work with them on other aspects of your business (for example, business auto and home policies).
3) Use Multiple Services
A contractor’s policy may include multiple types of coverage. While you don’t need every single type of coverage, it’s important to know what is and isn’t included in your policy so you can tailor it to your needs. For example, if you do a lot of high-value work, look into getting valuable property coverage.
4) Re-evaluate Your Coverage
The first and easiest way to save money on contractors insurance is to look at what you have, then decide if it’s enough. Just like any other type of insurance, contractors insurance has add-ons and tiers that are more expensive than others. Sometimes you can pay less by getting less coverage. Research Your Discounts: There are also a number of discounts available to contractors, such as bundling with home owners or auto policies, having multiple policies through one company, and paying annually instead of monthly.
5) Invest in a Valuable Policy
If you’re looking to save on contractors insurance, don’t look past bodily injury and property damage insurance. These are two of your most important coverage types—they’ll come in handy if someone is injured at your work site or if you damage someone else’s property.
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