If you are a contractor there is no doubt you look for ways to save on the costs of your current expenses. One of these expenses is insurance. You can save a bundle by shopping around for the right cover or contacting a broker to help you do so. Insurance is a necessary expense and it is vital to get the right cover to avoid being caught without it.
Get the right cover
If you already have insurance, the very first thing you should do is re-asses it. You will need to revise your needs and ask yourself if they have changed since you first got insurance. Also ask yourself if they will be changing in the future so you can adjust the insurance accordingly. Public liability policies will be similar in coverage, however the price will depend on the information which you give to the insurer or broker.
It pays to check your business description on the policy to see if you are currently being charged for services which you are not providing. For example you might be a contractor only working on residential property, however your description indicates you are working commercial or industrial jobs also.
When checking the policy, you might notice ways to save money. However, there are also other things that can cause problems at claim time. It is always best to check with an insurance broker that knows about contractors and your industry. They can closely assess your needs and check them against the current policy.
Finding the right policy
You would normally shop around for a home loan or other financial product so why not apply this to your public liability insurance too? After all – you can find some massive savings here.
Insurance companies have different charges and premiums as well as different policy wordings and inclusions. The difference between premiums can be thousands of dollars, so it is best to compare policies in detail to make sure the cover matches your business. Do not risk under-insurance for the sake of a few hundred dollars. It may cost you even more in the end!
Getting a broker to cross-reference policies for you can help you to –
- Check against multiple insurers in a small space of time
- They will know the different policies well and your industry
- They will be open with you and let you know the best deals, there is no bias to sell packages as there is with insurance companies
- They will make sure your coverage is correct so when it comes to claim-time you are not under-insured
Insurance for the right amount
Public liability insurance comes in amounts of $5, $10, or $20 million. The amount you choose should depend on your business needs and size. A broker should be able to advise you what the right amount would be.
For example, you may be over-insured and be able to save a heap of cash on your premium just by downsizing your insurance coverage from $10 million to $5 million. However, once again, a broker will be able to advise the correct amount and it is best to never risk under-insurance especially if you are unsure.
If you would like to start looking for a better deal and attempt to save some much needed money on your contractors public liability insurance, you have the option of taking a crack yourself or enlisting the help of an insurance broker.
Keep in mind that doing it yourself can take a bit of time, many phone calls, and you will need a very good understanding of public liability policy wordings and processes. Most business experts will agree however, that utilising a professional insurance broker is a better option and you will find the right cover due to their unique knowledge and understanding of the topic.
Contactor Cover can help you save money on your public liability insurance. Do not hesitate to contact us for advice and quotes. If don’t properly, you can easily drop your expenses on public liability insurance and retain your level of coverage.