There is a secret to knowing your construction liability insurance renewal pricing months early.
What if we told you that you could predict within a reasonable variance how much your construction liability insurance pricing will change at your renewal? Crazy helpful huh? Well, look no more for a solution to your problem.
If you do not have proper CLI and you are a contractor in construction, get a good policy right now! Here is a great article on why it is so important to have.
It’s a simple calculation that the commercial insurance marketplace uses to determine your insurance renewal pricing. CLICK HERE to get an idea if your construction liability insurance pricing will increase or decrease!
Usually, the calculation uses different formulas and algorithms that take into account previous losses, claim numbers, payroll amounts, location, etc. to figure out how much your company will lose this year and in the future. All of this is to figure out a new renewal price for your insurance policy that seems to be based on this amount of losses so that the insurance company ends up green for the year.
Still confused? Still have questions regarding this type of insurance? You can contact a professional risk advisor today at 914-357-8444. Or, you can visit our website for more information here.
