As a New York contractor, rising insurance premiums can be a significant burden on your business. However, there are steps you can take to manage these costs and minimize renewal rate increases. Here are ten strategies to help keep your business insurance costs under control:
1. Maintain a Clean Claims History
The fewer claims you file, the lower your premiums. Implement strong safety protocols and ensure proper training to reduce the likelihood of accidents and claims.
2. Invest in Risk Management
Proactive risk management strategies, such as regular safety training and inspections, can reduce the frequency of claims, leading to lower premiums over time.
3. Review Your Insurance Annually
Don’t simply renew your policies without a thorough review. Ensure your coverage aligns with your current business needs and shop around for better rates or coverage options.
4. Bundle Insurance Policies
Combining multiple policies (e.g., general liability, workers’ compensation, and commercial auto) with one carrier can often result in discounts and lower overall costs.
5. Raise Your Deductibles
Opting for higher deductibles can significantly reduce your monthly premiums. Just be sure to keep enough reserves on hand to cover a potential claim.
6. Use Proper Subcontractor Documentation
Ensure that all subcontractors have the correct insurance and list you as an additional insured. This can prevent claims from being filed against your own policy, helping you avoid premium increases.
7. Implement a Return-to-Work Program
If an employee is injured on the job, having a return-to-work program can reduce workers’ compensation costs by getting them back to work sooner, even if it’s in a limited capacity.
8. Maintain a Strong Credit History
A strong business credit score can help lower your insurance premiums, as insurers often view contractors with good credit as less risky.
9. Keep Employee Classifications Accurate
Make sure your employees are classified correctly for workers’ compensation purposes. Misclassifications can result in higher premiums or penalties during audits.
10. Turn to BGES Group for Competitive Quotes
At BGES Group, we specialize in construction insurance and can provide competitive liability quotes to ensure you’re not overpaying for your coverage. By turning to us for a Plan B quote, you’ll be able to compare rates and potentially secure a better deal to help you manage your business insurance costs.
Contact BGES Group Today!
We are experts in New York construction insurance and can help you find the right coverage at competitive rates. Let us assist you in keeping your business insurance costs under control.
– Phone: 914-806-5853
– Email: bgesgroup@gmail.com
– Website: http://www.bgesgroup.com
Reach out to BGES Group today and discover how we can help your business save on insurance while staying well-protected!
BGES Group is one of New York, New Jersey, and Connecticut’s Construction Insurance Specialists representing 50+ companies, including all the BEST general & umbrella liability programs. We offer all the coverage needed, including property, builders’ risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability, and group health. Our commitment to you goes beyond the policies we provide. We are always just a call, text, or email away, ready to assist you, even on weekends. We understand the importance of your business and are here to help you navigate any insurance challenges.
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being canceled, losses causing difficulty getting coverage, in the middle of an audit dispute, misclassified payrolls, or whatever your issue. We can help! We have special programs for Auto Services, Contractors (especially in New York), Limousine Services, Logistics Companies, Manufacturers, Recyclers, and Truckers; we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that, if we can get you into, their pricing is excellent, offers long-term coverage stability, and can cover multi-state operations. The program takes the hassle out of doing annual audits, too.
If you want to speak with us, call Gary Wallach at 914-806-5853, click here to email, or visit our website.
Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538
email: bgesgroup@gmail.com
website: http://www.bgesgroup.com
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