Getting the Best Value for Your Insurance Dollar

Seventy-five percent of earthmoving firm are probably overpaying in today’s environment. Contractors should make sure they are getting the best value for their insurance investment.

1. Never forget: If you don’t ask, they aren’t going to give it to you.

• Ask for multiyear policies. They allow you to lock-in low rates for 19 months to two years.
• Make sure you work with agents and carriers who want to write your class of business.
• Do they have a solid number of land improvement contractors with whom they work?
• Do they offer a range of products that are specific to your needs?
• Do they regularly touch base with you to review your coverage and exposure?
• Do they offer references?If not, go elsewhere!

2. Buy pollution coverage—standalone or rolled into coverage with general liability. The rates have never been better. It’s a tremendous value given the increasing risks in today’s industry environment.