When it comes to working as a contractor, one of the most important things you can do is find a good insurance agency. Contractors are often exposed to a number of risks while on the job, and having the right insurance policy in place can help protect you from financial losses. A good insurance agency will work with you to create a policy that fits your specific needs and will be there to help you when you need it most.
When you are looking for a Commercial Insurance Policy, it’s important to pay attention to the details that make up your coverage. A typical proposal will have several lines of coverage, outlining the risks that are covered. While everyone looks for the basics (General Liability, Commercial Auto, Work Comp, etc … ) it is important to make sure you are covering all aspects of your business. Look for Cyber, EPLI, Business Income, and possibly Contractor’s E&O to make sure you have the coverages you might need. While those coverages may cost you less in premium, they are equally as important in your overall insurance program.
Workers’ compensation covers medical expenses or lost wages that occur due to an accident or injury to a covered employee in the course of their work. It also protects the employer, in the event an injured worker was to sue the employer over a workplace injury. While Work Comp should be simple and straightforward, a good agent should talk with you about deductible options, safety programs, and cost containment. All of which can lead to premium savings and lowering of experience modifications (EMOD.)
While coverages are of the utmost importance, service plays a key role when choosing an Insurance Agent. Requests for certificates (COI’s) should be processed in a timely manner. Changes or endorsements to policies need to be made quickly. Claims management is a vital service that should be offered. In claims management, your agent should work with you on return to work programs for injured workers, to keep claims paid to a minimum and keep Work Comp rates as low as possible.
In the event of a catastrophic claim, well-insured business owners can sleep a little easier knowing their insurance program will protect them financially. When you are looking for a Commercial Insurance Policy, it’s important your agent takes the time to research all of the details thoroughly. This will ensure you know what to expect from any company offering coverage. A good insurance agent will take the “insurance piece” off of your plate, so you can spend your time running your business!