CONGRATULATIONS to our new President, Donald Trump! If he follows through on his campaign promises we could see a significant upturn in our economy.

If our economy improves, our contractors may see an increase in the number and size of jobs. That increase can lead to higher payroll and sub-cost. That will mean higher insurance premiums because your general liability is rated based on payroll and sub-cost. Work comp is rated based on payroll.

Best practices suggests that you include an amount for insurance in your bid. If you don’t already know your insurance rates, call us and we will be happy to look that up for you.

Both general liability and work comp policies are auditable. Auditable means that the premium charged is based on what you project you will do during that policy term. After that term ends, the insurance company can find out what you actually did and charge based on actual exposures. They will do this by either sending you a form to complete and send back, or by calling and asking questions OR by sending someone out to your premises to look at your books. It can be very hard on a business to have a large additional premium due at audit that they didn’t budget for or plan on!