5 Commercial Insurance Trends Contractors and Trades Need To Consider

If you are a contractor, you will start to become very busy when the project begins, and being prepared is necessary to guarantee that everything will run smoothly towards completion. To avoid issues that can hinder you from fulfilling your undertaking, consider these five commercial insurance trends for contractors and trades for your convenience:

The One Responsible for Purchasing the Policy
Before the project begins, it is critical to check all the sections of the policy before purchasing it. Either the contractor or the owner should pay attention to the Named Insured and Additional Insured Components. Considerations include the budget of the insurance buyer to cover interested parties as additional insureds, and T&C (terms and conditions). The contractual arrangement must be clear to all before the project takes place.

Challenges Brought by Changes in the Workplace
Most contractors and developers are aware that there will be an increased risk of flaws in the project when there is a shortage of skilled workers, especially if there will be changes in the workplace. With this in mind, they look for the best practice and training programs that can be provided by a reliable insurance company. Through these, inexperienced staff will receive assistance for development, strengthening their reputation in the industry.

Increasing Intensity and Frequency of Climatic Conditions
It has been observed that the areas, which normally don’t experience natural disasters, are experiencing the predicament now due to severe climatic conditions like hurricanes and storms. Moreover, the increasing magnitude of storms continues to happen in hurricane-prone locations resulting in significant damage to properties and aggregate fatalities. Knowing these, it is critical for you, as a contractor, to ensure that your policy includes coverage for natural disasters.

The Latest Available Technology
Most contractors and trades consult their insurer to help them to manage the risks in the project and reduce costs conveniently. Suggestions include the use of the latest available technology that will be beneficial during the project, like the following:

• Sensors to discourage burglary
• Technology that detects issues like water damage or gas leak
• Drones to watch the flow  and the progress of the project

The Right Time to Buy the Policy
It’s not practical to delay purchasing coverage to manage the risks to your project as it will lead to an increase in cost. Consult a reliable insurance agent as early as possible to gain maximum protection and cost-effectiveness before starting your project so that you can avoid vulnerability to uncovered losses. 

One More Thing Before You Go
It’s vital for contractors and trades to have protection to recover during mishaps quickly. For your convenience, get the essential commercial insurance for contractors and trades from a trusted insurance company.

At Desmond Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (859) 491-5100. Get your free quote today by CLICKING HERE.