How To Select Construction Company Commercial Insurance Brokers

tips select premium commercial insurance brokers construction company

Construction companies are in a high risk industry because expensive equipment can get damaged and people can get injured on site. Therefore you will need excellent commercial insurance to keep you covered. This type of insurance provides coverage for any liabilities and business risks. 

So how do you select the right commercial coverage for your construction company? Perhaps these eight tips will assist you in finding and insurance policy for a construction business. 

1. What Type Of Coverage Does The Broker Offer? 

A quality insurance broker will offer various policies and coverage options for you to pick from. The insurance company must be able to offer you coverage plans that suit you regardless of the size of your business. 

For a construction company the insurance brokers should cover the following: 

- Damage to equipment 
- Property damage 
- Injured employees 
- Coverage on injuries with any third parties on site 
- Cyber insurance for sensitive documentation 

A premium commercial insurance broker should offer you tailored coverage plans that will assist you when your business starts to expand. 

2. Make Sure The Insurance Company Is Licensed 

All insurance brokers in Australia must be licensed. However, with certain vendors this isn’t the case and partnering with them can be extremely detrimental to your business. So, when you select the insurance company you would like to work with make sure they are accredited with the correct licensing. 

To check for their credentials, ask the company for their license holder’s name and visit ASIC Professional Registers website to see if they are on the list. This is simply an extra precaution so you are guaranteed top-notch services from an accredited service provider. 

3. Does the Insurance Broker Know the Construction Industry? 

It is important that your insurance broker is highly knowledgeable in their own industry but how well do they know the construction trade? 

When selecting an insurance broker ensure they know exactly how your industry works and the risks they need to cover you for. If the insurance broker knows how a construction business operates they will offer you exactly the type of coverage plans you require without wasting your time. 

4. Excellent Reputation 

If an insurance broker has a negative reputation, you’ll know that their services aren’t ideal. Their customer care department will be disappointing or you may lose money trying to get claims out of them. That’s why it’s crucial that the commercial insurance broker you opt for has an excellent reputation. 

Check whether the insurance company has a positive reputation by looking at online reviews from their clients. Are they mostly positive or negative? Reading reviews will give you a clear indication of whether the insurance company cares about its clients and their status. 

5. Fast And Excellent Quoting 

It’s typical that most businesses, especially construction companies, will opt for quotes from various insurance brokers to compare their rates and services. If the commercial insurance company responds quickly with an excellent quote it’s a sign they work quickly and sufficiently. 

You want an insurance company that offers fast and reliable services, especially during the claims process. 

6. Does The Insurance Brokers Offer 24/7 Claims Services 

Since construction companies manage high risk situations all the time, you must make sure that the insurance company you select offers emergency claims services. You don’t want to wait around for the claims process to be finalised two or three days after you make a request because it can slow down your company’s workflow. 

Some insurance companies offer 24/7 claims services to high-risk companies which helps when you need an immediate payout. 

7. What Makes Them Different From Other Services? 

There are many insurance brokers around Australia but what makes the one you’ve opted for different from the rest of them? The best way to find out is to meet with your insurance broker so you can ask them a series of questions. 

A quality insurance broker that’s one step ahead of their competitors will offer at least some of the following to their clients: 

- Fast reliable customer care 
- Quick claims process 
- Excellent coverage on all aspects of your business 
- An outstanding track record 
- Experts that know your industry well 
- Special options for unique industries 

Your interview will help you find out what makes the commercial insurance broker stand out so you get the special treatment you deserve. 

8. Select Your Broker 

Now that you’ve read reviews, got your quotes and met with the insurance brokers it’s time to select the best one. Make a list of all the insurance brokers you’ve researched and make a shortlist of the ones you think have the best services. 

List the pros and cons of the brokers on your shortlist and pick that one premium insurance company that will work best for you. 

Construction Coverage Conclusion

It’s most likely you put a lot of capital into your construction equipment, so you don’t want to run the risk of losing that money. The advantage of commercial insurance is that it protects your expensive assets. 

If your equipment stops working then your business will cease too. Your insurance broker will ensure that you can get your equipment up and running so your business can keep going. So, plan for your future by partnering with the best.

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