• Sat. Jun 10th, 2023

Ask the Insurance Man: Contractors: Planning ahead, spring is near

Wayne Sloan

Business & Personal Insurance Specialist

Milford, Ohio 

  • If you own a small business, you may want to consider converting your business from a sole proprietorship to a corporation or LLC. Consult your tax advisor.
  • Insurance Update For Contractor Tools, Equipment & Property Coverage: A) Bought or sold any equipment, Bobats, Excavators, Riding Lawn Mowers, Pickup trucks, Dump Trucks, Hand tools valued over $3000

B) $1,000,000 to $5,000,000 General Liability C) Property insurance covers- damage to your buildings, office equipment, and any materials stored inside D)  Installation Coverage-materials, supplies and fixtures in storage, intransit, or being installed as part of a new construction or renovation job E) Errors and Omissions- Coverage protection if the work you perform was done incorrectly or negligently 

  • Update customer contracts for upcoming construction season– Have your customer’s contract reviewed by a construction attorney to catch issues and correct them before you enter into a bad contract. 

Do you have a business portfolio to present to prospects?– Updated business insurance certificate of insurance, Updated building permits, Review your statement of what you can offer your customers, Pictures of before & after your work is completed, Letters from satisfied customers