4 Tips for Purchasing Commercial Insurance for Contractors and Trades

​Contractors and tradesmen have a risky job, and even the tools in construction are at possible risk. Commercial insurance is what the company needs to prevent these threats.

Here are tips for contractors and traders in purchasing commercial insurance:

Define the Main Risks
First, assess the needs and risks of the company before seeking an insurance provider. It enables you to find suitable coverage for the business. In a way, it helps you understand clearly the problems rose and possible risks.

Make a list the company needs and keep track on it. Take time to research the possible problems and insurance solution for when visiting the insurance company; you already know about it.

Companies tend to grow and change over time so assessing the risks and needs as you go along may affect the insurance coverage. 

Seek for Trusted Insurance Provider
Always look for a trusted insurance provider. In a way, it can make the company feel safe and protected. It has always been the primary goal of every company so take extra care in choosing one.

Opting for the cheapest option is the tendency. But make sure the cover fits the needs of the contractors and trades. 

Canvas all the offers of different insurance providers, do research, and look for company reviews. Ask colleagues and professionals for referrals, and weigh their offers and credibility. 

Take your time in looking for the best insurance provider. It’ll be the long term solution to possible problems that will arise in the business.

Obtain for the Basic Package
The primary type of policy in the construction package is Commercial General Liability or CGL. This package covers property damage and injuries, which is common among construction companies.

Although it is wide-ranging business insurance, it does not cover all the risks a company might face.

Act on the Loops of the Package
Review the package details as not all insurance policies are perfect. You may decide to add extra protection on the plan like the Contractors Professional Liability Insurance or CPL. It gives protection to contractors and trades in the event of construction errors. 

Commercial Insurance providers also offer business liability, property insurance, equipment breakdown insurance, commercial auto, cyber event expense insurance, and other packages.

As you enter the challenging yet fascinating world of business, remember to protect yourself by buying business insurance. It can help you deal with specific problems in the future. Start defining the company problem now, and seek for the best commercial insurance provider for contractors and trades. 

At Desmond Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (859) 491-5100. You can also request a free quote by CLICKING HERE.