How to Get the Right Insurance for Your Contracting Business

Contractors require robust risk management strategies and ample loss control measures. Regardless of your services or specialty, all contractors must account for the potential for things to go wrong, especially given the construction industry’s consistent status as one of the most dangerous in the United States. By working with a qualified agent, such as those at SOS Insurance Agency, you can identify and secure the right insurance and the most ideal policies according to your needs.

4 Steps for Ideal Coverage

As you begin to tackle the subject of your insurance needs, you should understand that doing so may be a complicated and extended process. However, by investing sufficient time now, you can position yourself to be prepared to manage difficult situations in the future that might have otherwise inflicted catastrophic consequences. Consider the following steps:

1. Identify legal requirements. You may be subject to certain laws regarding insurance. For example, if you have employees or use vehicles for business purposes, you’ll need to carry workers’ compensation and commercial auto coverage, respectively. Failing to do so could incur fines and other penalties.
2. Consider client preferences. In addition to legal obligations, clients may mandate specific coverage when seeking to secure their own interests. For instance, professional liability insurance and surety bonds are often required to reassure clients they can recoup losses should you fail to deliver as promised.
3. Shop around. Once you’ve identified which policies you need, you should peruse various options to find coverage tailored to your needs. At SOS Insurance Agency, our independent agents can work with many carriers to find the right policies and ideal rates for your business.
4. Conduct reviews. As your business grows and the world around you changes, your insurance needs may also evolve. Make sure you reassess your circumstances and adjust your coverage as necessary at least once per year.

We’re Here to Help

Contact SOS Insurance Agency in Athens, Alabama, today to learn more about contractors insurance or to compare personalized quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.