Part 1 Know Your Exclusions
We work with a lot of General Contractors both in the residential and commercial markets. One of the things we have come to realize over the last few years is there are a lot of insurance agents who have no business writing GL for contractors. Most every insurance agent has the ability to go find a general liability policy for a General Contractor, but the questions is should they?
Last year, a friend of mine sent me a referral because a client of his who was a real estate developer and general contractor had a claim denied. As I began to dig around and see why that was, I discovered their insurance agent asked just enough questions to fake his way through an application and sold them a very typical GL policy which excludes work on tract homes, condos, and apartments. The only problem here was this exclusion was never discussed with the insured and as you may have guessed the bulk of their work was designing and building Condos! This sort of thing infuriates me as business owner!
It’s my belief that it is our job as an agency to get to know our clients and offer valuable insight, advice and ultimately products that help them be properly insured. If you aren’t fully confident in your agent’s ability or want a second set of eyes on your policies give us a shout. Our team is standing by and willing to put in the work to make sure your company has every bit of protection available!