How Masonry Contractors Can Reduce Their Business Insurance Costs
- Nate Jones, CPCU, ARM, CLCS, AU
- 6 days ago
- 2 min read
Masonry contractors face unique risks — from heavy materials and scaffolding to skilled labor and jobsite hazards. While insurance is essential, premiums can be significant. The good news is there are proven strategies to reduce business insurance costs without sacrificing coverage. Working with a specialist broker like Wexford Insurance ensures masonry contractors find the best rates tailored to their operations.
1. Accurately Classify Employees and Subcontractors
Workers’ compensation premiums are heavily influenced by employee classifications and payroll. Misclassifying laborers as supervisors or ignoring subcontractor coverage can lead to higher premiums or audit adjustments. Ensure all employees and subcontractors are classified correctly and provide proof of insurance for subs.
2. Implement Strong Safety Programs
Insurance carriers reward businesses with documented safety procedures. Effective safety programs reduce workplace injuries, lowering workers’ compensation claims and general liability risks. Key steps include:
Jobsite safety protocols
Proper protective equipment usage
Regular inspections and hazard reporting
Strong safety records often translate to lower insurance rates.
3. Bundle Policies When Possible
Many insurers offer discounts when multiple policies are bundled together. For masonry contractors, bundling general liability, workers’ compensation, commercial auto, and equipment coverage can reduce overall premiums. A broker like Wexford Insurance can identify opportunities to combine policies efficiently.
4. Review Coverage Limits and Deductibles
Choosing higher deductibles can lower monthly premiums, but it’s important to balance deductible size with your business’s ability to pay out-of-pocket costs in a claim. Similarly, ensure liability limits meet contractual requirements but aren’t unnecessarily high.
5. Maintain a Clean Claims History
Frequent claims increase premiums. Encourage staff to follow proper procedures to prevent accidents and report incidents promptly. Timely and accurate claims reporting can help keep rates stable and avoid surprises during policy renewals.
6. Shop Around and Compare Quotes
Even if you’ve used the same carrier for years, rates can vary widely among providers. Comparing quotes allows you to:
Evaluate different coverage options
Identify cost-saving alternatives
Ensure your business isn’t overpaying
A specialized broker like Wexford Insurance can quickly compare multiple carriers and provide tailored recommendations.
7. Maintain and Secure Equipment
Damage or theft of expensive tools and machinery can increase claims and insurance costs. Proper storage, security, and maintenance reduce risk and may result in lower premiums for equipment coverage.
Why Work with Wexford Insurance?
Wexford Insurance specializes in contractor insurance, helping masonry businesses:
Understand risk factors that impact premiums
Implement cost-saving strategies without sacrificing coverage
Access competitive quotes from multiple carriers
Bundle policies efficiently for discounts
