Ways contractors can attract new business in 2019

Are you are looking to grow your business in 2019? You are not alone but it can be challenging but there are effective steps to take if you want to see more customers larger profits this year.

Referrals, referrals, referrals!

Referrals tend to be 10x more effective in gaining new business than any other form of marketing. If you predominantly work outside the winter months are considered your “slow time”, don’t miss an opportunity to utilize the extra time in the office by having you and your staff call around to customers you did work with and update their information. Then you see if they have anyone they could recommend that you can then reach out to see if they need your services. If you did great work for them in the past, they will refer someone if they know someone. Also, use this opportunity to try to sell them on any new products or services you offer that you may now have when you did the work for them initially.

Be available.

The worst thing that could happen is you left the office for the day and someone calls needing help and no one is there to take their call. They may leave a message but they may also just move on to the next contractor they see listed. Make sure you have your hours of operation properly updated everywhere they could be posted. (business listings on the web, website, social media, etc.) A good practice is to have calls from the office directed to your personal cell phone after hours in the event someone calls. The best ability is availability and you wouldn’t want to miss out on new business.

Join an association.

As a contractor, there are always numerous associations and groups you can join that provide valuable resources beyond just acquiring new business and referrals.

Networking – by being a part of construction trade associations, business owners are able to network with other like-minded professionals in their industries. Friendships are created that allow for the free exchange of ideas including best practices.

Education – construction trade associations are outstanding sources of industry-specific education. Long-term success in any industry is in part based on learning and staying up-to-date on all changes to the industry.

Training – hands-on training is crucial for the long-term growth of your company. Employees must be trained to meet the latest government requirements (e.g. OSHA, etc.). These trade associations help business owners remain in compliance with these requirements.

Technical Support – many construction trade associations provide a national standard for construction specifications. Many of these operate a technical department that helps support their members.

Work with a strong insurance agency.

There is unlimited value in working with an agent who takes the growth of your business personally. Here at Arnold Insurance, we strive in finding the best price on insurance policies, working to get immediate and affordable bonds and help drive down costs but creating a strong risk management program. If you would like to see what we can do for you just call 614-863-0455.

Why you Should you Review your Commercial Insurance Policy Each Year

Taking the time to review to your review your commercial insurance is something you think you don’t have time for, have no interest in doing, and seem like a pain. However, if you just let it update automatically each year and don’t have a comprehensive review with your agent, you could be overpaying, underinsured, and place your business in a state of unforeseen financial risk that you may not be able to come back from.

Filing a claim is the worst time to find out you do not have enough coverage on your commercial insurance policy. So you need to know: WHEN YOUR BUSINESS CHANGES, SO DOES YOUR RISK.

There are many examples of how your commercial insurance policy grows as your company grows. Examples would be:

Increasing/Decreasing the number of employees you have.

Changes in staff mean that’s your worker’s compensation insurance would need to be adjusted. If you are downsizing, you may be moving into a smaller space or growing and moving into a larger space you will need your commercial property insurance adjusted.

Purchasing new commercial vehicles.

When you first started you most likely had just one vehicle that doubled as a work truck and for personal use. But as you grow and hired more employees driving, new vehicles were purchased and those would need to be insured through commercial auto policies for the vehicles. You should of added those vehicles to your policy when purchased but if it’s been a while and your drivers have good records you could be eligible for new discounts.

The business has grown at a good rate.

The more work you do, the more your risks increase. Increase your liability coverage so you don’t pay more out of pocket in the event of someone suing your company or an injury happens on your property.

Major changes in ownership.

If you are bringing in a new partner, a partner quits or passes away, or when ownership changes in any way there needs to be changes to the policy to remove/add names to have proper association on the policy so that no one is hit with unforeseen liability.

You have started using subcontractors.

It is important to be aware of your legal liabilities to them and in the case of any injury, you could be at risk. Make sure that the subcontractors you use have their own insurance policy so that they are responsible for any injury and/or damage that may happen and you’re not responsible for the costs.

We know dealing with insurance can feel like a chore and something you never look forward to. But just know that doing at least a review of your commercial insurance policies annually can help you save money in the long run in the event of claims due to the added/adjusted protection it provides. Additionally, as your business changes, you may start qualifying for larger discounts and help your bottom line that way.

If you haven’t done a full review of your commercial insurance this year. Please give us a call at 614-863-0455 or email at info@arnoldinsuranceagency.com and our agents would be happy to set a time up to see where we can better protect your business.