Contractors Insurance Wholesaler

What can a contractors insurance wholesaler do for insurance agencies?

Contractors insurance can provide builders with important protections. Policies may protect contractors from auto accidents, job site accidents, job site theft, facility fires, and many other events. Working with a contractors insurance wholesaler could help agencies secure builders of all sizes as clients.

Contractors insurance offers specialized protections for builders and others in construction. Needs can vary, so agencies should work with a contractors insurance wholesaler that has multiple options.

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What types of businesses purchase contractors insurance?

Contractors insurance is purchased by many businesses in construction and the trades. Homebuilders, commercial developers, remodelers, and even tradespeople may purchase a contractors policy.

Many of these businesses regularly work together, and this could lead to word-of-mouth referrals for an insurance agency. Serving a homebuilder well could lead to the carpenters, roofers, electricians, and plumbers they work with asking about policies. Referrals could go the other way, too.

What does contractors insurance cover?

Coverage options can vary by carrier and terms, which is why it’s important to work with a wholesaler who can help identify the best coverages for your clients. Some coverage options that you might want to offer clients include:

Commercial Building Coverage: May insure a contractor’s office, garage, storage facility, or other building.
Commercial Contents Coverage: May insure a contractor’s equipment, tools, materials, electronics, and other items when at the contractor’s insured property.
Inland Marine Coverage: May insure a contractor’s equipment, tools, and materials when they’re moved between locations.
Builders Risk Coverage: May insure equipment, tools, and materials when they’re at a job site, and might also cover structures being worked on.
Equipment Breakdown Coverage: May insure specialized equipment in the event that it unexpectedly malfunctions.
Commercial Auto Coverage: May insure a builder’s work truck, vans, and other vehicles.
General Liability Coverage: May insure against common accidents for which the builder is responsible.
Commercial Umbrella Coverage: May insure against major lawsuits that exceed another liability coverage.

A wholesaler that offers multiple options could have access to other, more specialized protections, that might help agencies meet specific builder’s needs even better.

What other coverages can agencies offer with contractors insurance policies?

Contractors insurance policies already include many of the coverages that builders and tradespeople may want. There are still other policies that contractors might need or want, though.

Workers compensation is one of the most common additional insurances that builders might need. Others to consider recommending include excess liability insurance, employment practices liability insurance, pollution liability insurance, installation floater insurance, and other coverages.

Agents who work with builders should be familiar with the various options that the agency’s wholesaler offers. This way, agents can best meet the varied needs that builders might have.

Do subcontractors need their own contractors policy?

Whether subcontractors are covered by a general contractor’s policy depends on the general contractor’s terms. Sometimes subs are listed as additional insures, while other times they aren’t.

Agencies should make sure both general contractors and subcontractors are aware of how coverage does or doesn’t apply to subs. This may not only ensure all parties involved in a project are properly insured, but could also lead to getting subcontractors as other clients.

Where can insurance agencies find a contractors insurance wholesaler?

A well-positioned wholesaler will help agencies provide the best coverages for the builders and tradespeople they work with, and at the most competitive prices possible.

To learn more about what a specialized contractors insurance wholesaler could do for your agency, contact us at Telamon. We’ve been in this industry for a long time, and have broad access to contractors insurance options that’ll likely work well for your clients.