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ARI Blog: Article

Liability Insurance Savings Tips for Restoration Contractors

If you are a restoration contractor, the odds are you spend a fair amount on commercial insurance. While it is true that construction carries a diverse range of risks, such as worker injury and theft, there are several ways for restoration contractors to save on their insurance.

Bundle Policies

Though not as easy for restoration contractors, there are opportunities to bundle some of your insurance policies for premium savings. The key here is to find an agency that specializes in restoration contractors. These agencies have usually worked with insurance companies to create specialty programs where multiple coverages can be bundled under the same policy.

Take Preventative Measures to Stop Theft

Theft is a huge pain not just because of vanished materials and equipment. There is also the time spent on replacing materials and the costs of downtime and project overruns. Your insurance premiums may also increase. Because many job sites follow poor theft-preventative measures, you might qualify for better insurance premiums if you prove that you take precautionary measures. And even if you do not get a rate reduction, your business drastically cuts its chances of becoming a victim of theft. Here is what you can do.

  • Use different keys for different pieces of equipment.

  • Lockdown/secure job sites at night and on weekends. For example, invest in nighttime lighting, cameras, and sturdy fencing with minimal access.

  • Secure construction cabs.

  • Maintain exemplary records that include product identification numbers.

  • Log all items entering and leaving the site.

  • Perform stringent background checks on employees.

Enhance Safety Procedures

Improving safety procedures is another excellent way to save on restoration insurance. For example, you could have scaffolding, head protection, fall protection, and electrical protection for workers and passersby that exceed the required minimums. Furthermore, make safety a top-down concern in the culture of your business, and extend it to subcontractors as well.

Implement Risk Management

If you do not already have risk management procedures, now is the time to implement them. Such systems help you identify, anticipate, mitigate, and address potential risks. You will be better informed when you make decisions and have improved, data-driven justifications to bring to your insurance company. You will save money in general, too; for best results, involve the entire business in risk management, and account for it on levels including design, contracts, and finance.

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