The Walker Insurance Group specializes in several types of businesses, with contractors being one of
them. If you are a contractor and have shopped for insurance or have been in business many years,
you are aware of the procedures and requirements performed by most insurance companies. If you
are a new business or simply changing carriers, the insurance company will have to run a credit check
to even get coverage. Also, each year when your policy renews the insurance company will contact
the owner and ask several questions and perform an audit. This can be good or bad depending on your
sales or gross receipts for the year. Your premium can also increase at renewal if the audit shows that
you increase sales from the previous year. There are many insurance companies that will also perform
an audit immediately following a new policy to confirm the work you are performing. They can also set
the policy up for cancellation if you’re performing work that doesn’t fit the type of work you indicated
on the application. For me, there are just too many questions and uncertainty with the premium you
are paying. As a business owner, you need to focus on running your business and being profitable and
not worry about whether you might have a drastic rate increase every year.
This is why our agency represents Erie Insurance, whose contractor’s policy is heads and shoulders
above the competition. There is NO credit check up front to obtain coverage, and NO annual audit
performed at the renewal of your policy. The Walker Insurance group provides excellent coverage
and service to the following types of contractors: lawn care & landscaping, painters, electricians,
cleaning & janitorial services, plumbers, carpentry & remodeling contractors, “handyman” services,
siding contractors, ac & HVAC contractors, floor covering installation, concrete construction, and MANY
This is a question that I get asked all the time, which makes it a good topic to discuss when considering
your auto insurance options. As a general of thumb, when your vehicle is “10 years old” you can start
thinking about carrying liability only on your vehicle. When I say, liability only I am referring to not
carrying comprehensive and collision coverage. The easiest way to explain the difference is to look at
what each coverage provides. Liability will cover the “other person” if you are at fault in an accident.
This includes all of their medical expenses, pain and suffering, lost wages, and even legal costs related
to an accident. This makes it very important to carry higher limits on your auto insurance to protect
yourself and your biggest assets. Full coverage means coverage for “your vehicle”. There are two parts
to full coverage: comprehensive and collision coverage. Comprehensive coverage will cover “acts of
God” such as weather claims, hitting a deer or animal, theft, fire, etc. Collision coverage will provide
coverage for any impact or collision with another vehicle or object. I usually explain to clients that
a collision loss is usually “your fault”. For example: If you were to rear end someone or back into
something and there is damage to your vehicle. These are examples of a collision loss.
In the event of an accident or a loss, you will also have a deductible for both comprehensive and
collision. The higher your deductible, the lower the premium. The standard or most common
deductible options are $250 or $500. I would only recommend $1,000 or higher if you have this in
savings, or can come up with the money in the event of an accident or claim.
If you say that you just want liability coverage, you still have to remember that there are many
other coverages that you should continue to carry on your policy. These coverages include: medical
payments, uninsured & underinsured motorists, towing/labor, and uninsured property damage.
Another idea to consider, which we share with all of our clients is to consider the value of the vehicle.
I would recommend looking at NADA and Kelly blue book websites for the value of your vehicle. Most
insurance companies use one or a combination of these websites when totaling out a vehicle. If you
have a 1995 Model vehicle and are carrying full coverage, it doesn’t make sense if the vehicle is only
worth $1,000 or less. If you have a $500 deductible you would only net $500 dollars if the vehicle was
totaled out. The cost of full coverage insurance would not warrant the extra premium that you have
paid in over the years.