Affordable General Liability & Workers’ Compensation Needed
I run a junk removal business that doesn’t involve demolition or operate any hazardous machinery. I’m looking for the bare minimum coverage for general liability and workers’ compensation to become a vendor for several national apartment, office, and retail properties.
What are my options? I’m primarily interested in the most cost-effective solutions. I received a quote from BiBERK, but it’s a bit higher than I anticipated.
When looking for the cheapest general liability and workers’ compensation insurance for your junk removal company, there are a few strategies you can consider:
Shop Around: Besides BiBERK, get quotes from multiple insurance providers. Companies like Next Insurance, The Hartford, and Thimble specialize in covering small businesses and might offer competitive rates.
Bundle Policies: Sometimes, bundling your general liability and workers’ comp under one provider can lead to discounts. Ask if any of the companies you’re considering offer bundling options.
Adjust Coverage Limits: While it’s important to have adequate coverage, you can often start with lower limits to keep costs down. Just be sure you’re aware of the implications if you need to file a claim.
Check for Discounts: Look for any potential discounts you might qualify for, such as safety training programs, good credit history, or being part of a trade association.
Consider a Broker: An insurance broker can help you navigate the market and find the best deals tailored to your needs. They often have access to a wide range of providers.
Review Your Worker Classification: Ensure that the classification for your workers accurately reflects their job duties. Misclassifying workers can lead to higher premiums.
Monitor Your Claims History: If you have a clean claims history, mention this when seeking quotes, as it can sometimes result in lower premiums.
After exploring these options, you should be in a better position to find coverage that meets your budget and requirements. Good luck!