How to Lower Your General Contractor Business Insurance Cost

Nate Jones, CPCU, ARM, CLCS, AU
11 hours ago
2 min read

Insurance is a critical expense for general contractors, protecting your business, employees, and clients. However, premiums can add up quickly. In this guide, we’ll explain practical strategies to reduce your general contractor business insurance cost without sacrificing coverage, and show how Wexford Insurance can help you get fast, tailored quotes.

1. Bundle Multiple Policies

One of the easiest ways to reduce premiums is to bundle multiple policies with the same insurer. Common bundles include:

Bundling often provides multi-policy discounts and simplifies billing.

Wexford Insurance — **REQUEST A FREE QUOTE**

2. Maintain a Clean Claims History

Insurance companies use your claims history to assess risk. Frequent claims can increase premiums. To maintain a clean record:

Implement jobsite safety protocols
Train employees on proper tool and equipment use
Document all incidents and near-misses

3. Increase Your Deductible

A higher deductible reduces the insurer’s financial exposure and usually lowers premiums. Make sure your business can cover the deductible if a claim occurs.

4. Review and Adjust Coverage Limits

Review your policies annually to ensure:

You aren’t over-insured on low-risk areas
All critical risks are covered
Optional coverages are still necessary

Adjusting limits and removing unnecessary riders can reduce your annual cost.

5. Implement Safety and Loss Control Programs

Insurers reward businesses that proactively reduce risk. For contractors, this may include:

Jobsite safety manuals
Worker training programs
Vehicle maintenance and inspection programs

Such measures can qualify for premium discounts.

6. Shop and Compare Multiple Quotes

Even if your current policy meets your needs, comparing multiple carriers can reveal opportunities to lower costs. Rates vary widely between insurers for similar coverage.