Save On Construction Insurance By Choosing The Correct Classification
You can save your construction business a large amount of money simply by talking with an insurance agent that will take the time to classify your construction company correctly.
Working in construction, we know there are a variety of risks. We also know some jobs have a higher risk while others have minimal risks. Insurance companies know this, and good insurance agents will take the time to talk to you about your work so they can correctly insure your business.
How To Save Money On For Your Construction Company Right Now
Do you know what your construction company is classified as by your insurance company? A lot of insurance companies write up a blanket insurance policy that costs a lot more than is needed. This only makes sense if you are a handyman that does anything that comes your way. Even as a handyman, you can save money by breaking down your work by class codes.
If you have no plans on performing roofing work, why would you pay the same premium roofers pay? Take note, roofing is high risk, and the insurance costs are much higher than a general contractor who is typically replacing a kitchen cabinet or living room window.
Contact Strickler Insurance so we can determine the exact type of construction you perform and the best prices to keep your business protected at the most accurate premiums.
Work In A Variety Of Construction? You Can Still Save Money On Insurance
Even if your company performs a variety of construction services, you can save a large amount of money by simply tracking the work you do. It is likely your business already tracks the hours spent on different jobs. If you classify those jobs, list the hours spent on them and have a running total of the hours spent in each classification.
In Pennsylvania, if you perform multiple duties, all of your payroll must go into the highest classification except in the “600” codes. But, in order for you to separate payroll between these classes, you must keep detailed records as to the number of hours worked in each code, and not a “percentage” of the time. If there is no breakout, all payroll will go into the highest code.
There are always exceptions. Carriers cannot add or remove class codes without PCRB approval. If you are doing work in a lower rated code, but it is not on your policy, you must file an “appeal” with PCRB and request an audit of operations. If the bureau approves, they will come out and add or delete any code that would apply. The best course of action would be to contact Strickler Insurance and receive our direct advice on how to handle your specific construction business’s situation.
Cheapest Insurance For Construction
One of the cheapest and most affordable class codes for construction insurance is paper hanging. Obviously, putting up wallpaper or paint in living rooms has a much lower risk than roofing or blast drilling.
Most Expensive Construction Work Insurance
Roofing is one of the most expensive insurance coverages for construction companies because it is high risk. Pile driving follows closely behind but the higher insurance premium isn’t fully related to the health risk but the risk of damages and cost of the work.
Save On Professional Contracting & Construction Insurance
Contact Strickler Insurance for help getting the best quote we can for your construction company. We work with a variety of contractors and construction companies throughout Pennsylvania and surrounding states. Located in Lebanon PA we know how vital contractors are. Let us help you save money on your construction insurance. Contact us today!