Welcome to insurance talk with Cheri Martinen and Rex Lesueur. In this podcast, Cheri and Rex discuss something all to common with insurance and bidding, which is not having the correct coverage to meet the requirements of a winning bid proposal.
Preparing a bid as a contractor is no easy task. A competitive and winning bid proposal requires extreme attention to detail. Listen above or read more below to learn how the agents at Bancorp Insurance can assist you as a valuable client, to ensure that you have the proper insurance to meet the requirements for your bids.
One of the things our agents have being hearing about a lot lately is that a contractor will be bidding a job, they look at the job specs and peruse real briefly over the various parts of the contract and they say, oh we’re all right…good. But, maybe not.
It’s all to common to hear about contractors winning a bid, then the next thing you know they are going to deliver the certificate of insurance so they can begin the work and they immediately hear, “Your coverage doesn’t meet our qualifications”. The job you bid and won requires two million worth of coverage and you currently are only insured for one. What happened here is very common. Someone did not thoroughly read the bid sheet or maybe they did and it was just not understood correctly.
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What happens is the contractor picks up the phone and calls our agent to request the second million in coverage, only to find out the second million in coverage is twice the expense of the first million and now their original bid for the job isn’t going to cover expenses and there goes the profit.
Now, was the job worth it? No! This simple mistake is very costly to the contractor and easily avoided.
The agents at Bancorp Insurance understand your trade and can quickly understand your insurance needs based on a few questions. So contact us before you bid.
Bancorp Insurance has you covered for all your contractor needs, we help with not just the general liability and property, but we do business auto, bonds and tool coverage.
Bancorp’s insurance experts are available to provide you with a free review and consultation. Contact Us – Bancorp Insurance Call 800-452-6826
Disclaimer: This content is provided for general information purposes and is not intended to be used in place of consultation with our agents.
