7 Secrets to Saving Big Money Every Year on Your Insurance

Insurance Audit
    1. Do business with a contractor insurance specialist.  Insurance is a huge industry. There’s insurance for anything you have, do, own, or manage, and nobody can specialize in all of it. The average insurance agency is just not equipped to handle the special insurance needs of a contractor. Not getting the right advice on how to deduct from uninsured subcontractors, properly classify your workers, and how to make sure that your Certificates of Insurance are valid can cost you big money! Untold savings will result from an insurance agent who reviews your audit for mistakes and verifies the accuracy of your experience modification. In contractor insurance, advice and service is everything.


    1. Your agent must represent several insurance companies that aggressively insure contractorsto protect you against unfavorable changes in prices and coverages that can occur from year to year.All insurance companies go through up and down cycles, and your agent must have more than one option to protect your interests.


      1. Only do business with insured subs


        1. Know how to properly collect valid certificates of insurance from your insured subs.

We offer a detailed video and article on this topic.

          1. Know how to properly deduct from uninsured subcontractors.

We offer a detailed video and article on this topic.

            1. Know the classification rules so you’ll know the true cost of doing business with uninsured subcontractors.


            1. If you have an Experience Modification on Your Workers’ Compensation policy, make sure your agent verifies its accuracy.  Remember, the Experience Modification is incorrect ore than 50% of the time and most of these mistakes are in the favor of the insurance company.