Best Practices for Oregon Contractors to Lower Insurance Premiums

Contractors in Portland, OR & Happy Valley, OR face risks and exposures specific to the construction industry, from injuries on the jobsite to legal liabilities. This makes insurance essential, but premiums can add up quickly. Contractors can take action to reduce their premiums while maintaining the necessary insurance coverage.

Review and bundle policies. Ask your insurance provider if you can combine policies like general liability, commercial auto, and property coverage. Bundling can often result in discounts on your premium and simplify your insurance.

Invest in safety and training. Comprehensive safety programs should be utilized and updated regularly. Offer your employees and subcontractors OSHA-certified training. Be sure to document your safety and training practices.

Consider higher deductibles. It may sound counterintuitive, but opting for higher deductibles can lower your premium costs. However, be sure your business can handle the financial impact if a claim arises.

Maintain good credit. Insurers factor credit scores when pricing premiums. A good credit score can mean less of a risk to insure and lead to lower premiums.

Upgrade your fleet and equipment. Modern equipment typically has built-in safety features that can lower your premiums. Make sure to maintain and service your vehicles and machinery regularly.

Resolve claims quickly. Quickly addressing and documenting incidents can minimize your payout amounts. Frequent claims can cause insurers to perceive you as a greater risk to insure and lead to higher premiums.

Work with a broker familiar with the industry. When you choose a broker familiar with the construction industry, they can help you find hidden savings and discounts tailored to your specific business.

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You don’t have to cut corners to lower your premiums. The right insurance is essential for contractors, but taking certain steps can help you save on your premiums without sacrificing safety or coverage. Contact Seguro Noroeste LLC in Portland, OR & Happy Valley, OR for a personalized quote or more information.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.