Niche Stories

5 Tips for Choosing Insurance

June 01, 2015
Niche Stories | 2 minute read

The birds are singing earlier each morning, which can only mean that busy season has begun for contractors.  With work building up, you likely have greater need for insurance but less time to shop around. So we’d like to offer you a few tips – 5, in fact – to consider when buying insurance.

Look for Limitations

In certain competitive markets and geographic areas, the ability to obtain excess liability limits can be tough. Building these limits is often crucial to doing business, especially if you have a contract that requires hirer liability limits upward of $5 million or even $10 Million. Responsive insurers – ProSight, for one – recognize this issue and can frequently offer greater flexibility for your convenience.

Read the fine print

While most policies will have exclusions, it’s important to confirm that your key initiatives are never compromised. That you have protection for the work you perform in the area in which you perform it. After all, that’s why you’re buying insurance in the first place. This can be particularly meaningful in the tri-state area where contractors can perform work in multiple jurisdictions. New York, in particular, can offer up additional coverage challenges including Employee Exclusions and Action Over Exclusions so be sure you are properly covered.

Manage Risk

Today’s custom homebuilder has a unique range of exposures that most standard carriers refuse to offer in a cost-effective Commercial General Liability (CGL) policy. ProSight has a different approach, offering solutions to meet business needs including industry-leading background checks and data compromise coverage.

Enjoy the ease of doing business.

This doesn’t require a great deal of explanation, right? We know it when we experience it. For insurance purposes, these are some of the characteristics of a good carrier: Dedicated claims service. Unique expertise. Exceptional value. Exclusive distribution.

Make a change

Our Luxury Home Builders Program has been designed and custom-tailored with your specialized needs in mind. So get the service you deserve. To learn more, visit prosightspecialty.com/solutions/luxury-home-builders/