Hey guys, Mike here.
If you run a contracting business like I do, you know insurance isn’t cheap. Between liability, workers’ comp, auto, and equipment coverage, the premiums add up quick. One of the first things I asked my broker was: how can I bring these costs down without leaving myself wide open?
Here’s what I learned.
Safety programs make a difference.
If I can show my carrier that I’ve got safety training in place, I’m less of a risk. Things like regular tool-box talks, fall protection training, and keeping logs of safety meetings can help lower my workers’ comp costs.Clean driving records save money.
Since I’ve got a few trucks and vans on the road, my premiums are heavily tied to driving records. Hiring responsible drivers and running annual checks keeps my rates down.Bundle policies with one broker.
Instead of having my auto with one company and liability with another, I put everything under one roof. Most carriers give discounts when you package policies.Keep claims low.
The fewer claims I file, the better my renewal looks. That doesn’t mean paying out of pocket for everything, but it does mean being smart about what I report and doing what I can to prevent accidents in the first place.Review coverage every year.
I realized I was paying for limits and add-ons I didn’t even need anymore. Sitting down once a year with my broker helps me trim the fat without cutting the protection I actually use.
The bottom line is, you don’t have to sacrifice coverage just to save money. With the right safety habits, smart hiring, and a good broker who actually shops the market, you can keep your premiums in check and your business protected.
If you’re looking for ways to cut costs without cutting corners, give The Sarrica Insurance Group a call at 516-277-0812 or fill out our quick online form here: Get a Quote.
— Mike