If you’re still price-shopping insurance for your construction business every year at renewal time, chances are good that you’re missing out on some important benefits. The cost of your coverage is important, of course, but more important are your overall risk profile and the service you’ll receive. Let’s take a look at four key issues your broker should be addressing:
Most brokers will offer some sort of advice on risk control, the goal being to make your workplaces safer and keep premiums down. If that advice is limited to cookie-cutter safety programs and generic advice, though, you’re only getting part of the picture.
A proper risk control program addresses your specific operations and exposures. A carefully designed program, assuming it’s adhered to, creates a much stronger story to tell to underwriters when applying for new coverage or at renewal time.
Safety is important in any industry, but in construction the risk of a mishap are higher, and accidents can have a huge impact on a company’s bottom line, employee morale and even its public image. It’s easy to say ‘safety first,’ but companies that actually walk the walk will present a better profile to insurers.
Even the safest of operations will have an occasional accident, and that’s when claims processing becomes important. Prompt and proper handling of a claim, from accident investigation to settlement, saves time and effort, and boosts employee morale.
Your broker should be your guide throughout this process, understanding specifically what the insurer will want and how to manage the claim with minimal disruption to your operations.
Breadth of Coverage
General liability, commercial auto, workers’ compensation, excess liability, surety, perhaps even marine coverage … the sheer number of coverage types that might apply to your construction business can be dizzying. Add in the liability associated with subcontractors and it might seem overwhelming.
Again, this is where your broker’s specific knowledge of your business operations comes in. Someone with construction industry experience can identify the types of coverage you will or will not need, with an eye out for coverage gaps that leave you vulnerable.
Your coverage begins and ends with an underwriter’s assessment of your risk profile. Underwriting can delay the process of obtaining coverage and can take huge chunks of time as applications are kicked back with requests for additional information.
Your broker’s relationship with an insurer is vital here. When a broker develops a reputation for submitting complete and detailed applications, those applications will tend to go to the top of underwriters’ stacks of submissions. That makes a big difference in the time required to obtain coverage.
In these four ways and many others, a broker with ample industry knowledge, solid relationships with insurers and a detailed understanding of your business will make your coverage journey easier and more cost-effective.
Questions about coverage for your construction business? Contact Consolidated Insurance.