December 12, 2018
Sooner State Agencies

CONTRACTORS INSURANCE

Sooner State Agencies Can Help You Save!

If you are a general contractor, artisan contractor, or trade contractor  then you've come to the right place! Sooner State Agencies provides insurance solutions specifically-tailored for a business exactly like yours!

How do we do it?

In the simplest terms: When it comes to contractor insurance for your business, we've already done the research and the grunt work for you so that you can sit back and relax, knowing you have exactly the plan you need.

Not only that, but you'll have the support of our experts on a continuing basis. We don't just make a sale and leave you hanging. We know that things can change over time and that's why we stick with you year-round to make sure your plan stays current. Our services include consistent monitoring of accounts throughout the year, as well as annual market research to seek out the best risk management alternatives.

At Sooner State Agencies we provide this comprehensive protection plan whether you are a sole proprietor performing general remodeling, a specialty trade or artisan contractor, or the largest general construction firm in the industry...

Working on a new residential development? We will do our best for you whether you are a developer or sub-contractor. Whether you are a small business owner or a multi-million dollar, multi-state construction firm, we can offer affordable contractors insurance coverage that meets your specific requirements.

Here is a quick Contractors Guide to Buying Insurance; 

These are just a few of the things you should keep in mind.  Every company is different, so there are no absolute yes or no's but you have to be careful! 

As a contractor your business insurance is one of the most important business purchases you make and yet frequently it is the one decision made without fully understanding what you are buying. The following is a guide to assist you in making your insurance purchasing decision.

WORK WITH A SPECIALIST

Every business is different and faces unique risks and challenges. By working with a broker that specializes in your industry you are able to sleep better at night knowing that someone that truly understands your business is watching out for you best interest. Just because someone got you a good price doesn’t mean they got you the proper protection. Work with a broker that understands your business intimately and can guide you in making your buying decisions.

BUY RATE NOT PREMIUM!

One of the most common mistakes that contractors make is that they only look at the bottom line price when purchasing general liability insurance. The problem with this method is that it allows an insurance agent/broker to manipulate the numbers to get you what appears to be a lower price by altering the classifications or payroll amounts on your policy. Be sure to ask what your rate is when purchasing a policy and buy the one with the best available rate. The rate for general liability will be an amount per thousand dollars of payroll. Make sure that the quote you are reviewing accurately reflects your payroll and subcontracted costs or you may end up with a nasty surprise in 12 months when your policy is audited and you find that your new agent/broker has underestimated your payroll to win your business up front.

KNOW THE ENDORSEMENTS YOU NEED

One of the most unpleasant surprises is for a contractor to get a great quote on an insurance policy, make the change to that insurance company only later to find out that the policy doesn’t provide the endorsements they need in order to bid or work on certain projects. Often the cost to add these endorsements can be astronomical compared to the total premium. Purchase a policy that contains all the endorsements you need on a blanket basis so that you won’t have any unpleasant surprises if you need an additional insured endorsement, waiver of subrogation or other specialty endorsement.

EVALUATE THE VALUE ADDED SERVICES PROVIDED

Many insurance brokers provide some level of value added service that may make a quote that is slightly higher a better deal. Look at the service provided by an insurance broker to determine whether perhaps it might be worthwhile to make use of them despite the fact that the premium may be slightly higher.