builder’s risk insurance cost for construction related framing contractors happens to be costly. Danny Harter, proprietor of DH Framing knew that very much since he faithfully carried the insurance in order to operate in authorized compliance with State insurance requirements. But what Danny was not expecting – to get abruptly cancelled by his Worker’s Compensation Insurance carrier – occurred in November, 2004 – all because “out of the blue,” his insurance carrier just decided that the business of his was “too small” for the interest of theirs. Danny had 2 personnel, such as himself, along with a weekly payroll between $1,500 and $2,000.00.
Danny was informed of his cancelled workers comp policy whenever the client he was busily working for one morning, came up to him and also said, “You cannot focus on this particular task – I have got a notice here you do not have legitimate Worker’s Comp Certificates with the insurance carrier of yours anymore.” How embarrassing!
Danny clearly lost time on the project, income and. Though he did what he had to do, and quickly began calling insurance carriers, trying to look for somebody who wouldn’t think about him “too small,” or perhaps otherwise, undesirable. All things considered, he was but still is a booming, hard working small businessman. Should not somebody be keen on writing the business of his?
To no avail, Danny couldn’t locate an insurance carrier which would underwrite the business of his. Thankfully, he contacted an insurance agent that only happened to learn about the Worker’s Comp Co Op. “Call these guys,” the insurance agent said. And Danny did. I picked up the cell phone and then talked to Danny about the company of his, and what occurred to him.
Within seven days, Danny and the personnel of his weren’t just back on the task with the customer that needed to stop the work of his – also, he had payroll services and worker’s comp insurance coverage without all those large deposits you’ve to get rid of with conventional insurance agents. So Danny saved not just saved the business of his. He saved extra, needless working hours – weeks – of downtime on the project, and all those great upfront costs.