Have you ever considered the reason you bought Contractors Insurance? It might be to safeguard your equipment, business employees, etc. Law or even a client may necessitate it. But everyone wants to get the most out of their insurance.

Discover seven suggestions for maximizing the benefits of your insurance policy.

Determine Risks and Response Strategies

Before choosing the appropriate reaction strategy, you must first be aware of your risks, determine which ones pose the most threat to your business, and identify those risks. Your response strategy may contain any or all of the following:

  • Avoidance: You can opt to abandon the project or change the scope of work if you think it’s too dangerous or your company can’t handle the risks.
  • Transference: Sometimes, you may shift the responsibility to a subcontractor, supplier, or even an insurance company.
  • Mitigation: Mitigation is lessening an event’s severity or intensity. For example, setting a safer environment for workers can help reduce the risk of injury.
  • Acceptance: Sometimes, you’ll be willing to accept a risk and create an emergency plan as an alternative.

Mitigate Risk

It is essential to mitigate risk and reduce claims to reduce insurance costs. The good news is that reducing risk leads to happier employees, more satisfied customers, a more robust image for your business, and a more profitable bottom line.

Learn Your Insurance Policy

Most people don’t find studying their insurance policies an enjoyable activity. Still, it’s essential if you are looking to get the most value from your insurance. It is necessary to know what your policy covers and doesn’t cover to evaluate the gaps in your strategies for responding and cash flow. You might need to buy an additional insurance policy to add an endorsement or increase your protection.

You must also be aware of the deductibles you have to pay and ensure you have enough cash flow to cover these deductibles in case of a claim.

Combine Policies

It’s tempting to compare prices and find the lowest price for each policy; however, you’ll usually save money by combining your approaches under one company. The independent agents at Commercial Insurance Ottawa will compare the cost of your policies with multiple insurance companies to ensure you pay the lowest premiums.

Review Your Policies Regularly

You know the old quote, “There is nothing permanent except change,” which is certainly true in business. You can purchase or sell a piece of equipment. The number of employees may be increased or decreased. Any of these changes will alter your insurance coverage as well as rates. The best way to ensure you have insurance at the most excellent price is to check your range.

Make Sure You Advertise Your Insurance Coverage

You promote insurance coverage on your website, social media profiles, truck advertising, etc. It shows that you’re an expert and will help you to attract more customers. You should be able to give your customers an insurance certificate to show proof of insurance that covers any damages or injuries.

Get an Experienced Insurance Agent and Save Money!

The representatives of Commercial Insurance Ottawa specialize in Contractors’ Insurance and can ensure that you are covered with the appropriate insurance coverage to meet your needs. So give us a call today at (613) 454-5640, or connect with us through email at info@commercialinsuranceottawa.com.