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; however, you may not know some of the easiest ways to save money on your policy.
These tips will help you optimize your coverage in order to focus on the building instead of the financing.
Bundle Policies
Builder’s insurance typically covers property damage, theft, labor costs, disasters and other damages; however, it almost never covers human injury or workman’s compensation.
The first and easiest way to save money on builders insurance is to look for bundled policies as many firms can give you much better rates 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 builders insurance providers will recommend covering 100 percent of your materials and labor costs; however, 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, yet to an experienced builders 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 builders insurance coverage and leaving you high and dry if/when you purchase too little.
There are plenty more ways to save on your builders insurance policies, so search the internet to see many more opportunities to get the best coverage that meets your business needs.