3 Factors That Affect Your Insurance Premium

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Have you wondered why your construction company is paying $X for your insurance premium while another firm is paying $Y? An insurance premium is the amount you pay your insurer for your insurance policy. An insurance company will use a variety of factors to determine how much to charge their insureds for their premiums. Let’s take a look at a few basic factors that affect your insurance premium.

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Topics: Construction Risk Management

Before You Sign That Renewal, Did You Review Your Current Insurance Program?

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As a Contractor, you wear a lot of hats – salesperson, customer service, quality control, etc. You understand you cannot be satisfied with the status quo if your business is going to thrive. You must be constantly looking for new jobs, sourcing quality materials, and providing excellent work for clients every day. One hat you need help with is your insurance program. If your Broker is a true business partner, he/she gladly wears that hat.

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Topics: Contracts, Construction Insurance

5 Steps to Implementing a Proper Construction Insurance Program

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With your insurance program’s term coming to an end, you might be starting to think about your upcoming renewal. It might seem easier to stick with the status quo and renew the same program, with the same Broker. However, before you do that, check out our 5 steps to implementing a proper construction insurance program.

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Topics: Construction Risk Management

Crisis Management Planning for Your Construction Company

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In this ever-changing climate, it is critical to be prepared ahead of time for events like liability claims, major accidents, community crises, environmental hazards, and negative media attention.

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Topics: Safety, Construction Risk Management

List Your Exposures in Your Upcoming Insurance Renewal

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Whether your insurance renewal is this month or next year, it’s important to work with your Broker and submit a complete market submission. TSIB has 8 tips for submitting a complete submission to the Carrier. However, today we are going to focus on one: Clear List of Exposures.

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Topics: Construction Insurance

8 Tips for Creating an Insurance Market Submission

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With Carriers having a low underwriting capacity, right now it’s important to provide a “Best in Class” market submission at your upcoming insurance renewal. It will enable you to obtain the coverages you need, as well as help keep your premiums low. Your submission is your chance to demonstrate why your company is a “good” risk to the underwriters.

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Topics: Construction Insurance

Are You at Risk for Mobile Attacks on a Job Site?

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October generally means pumpkins, brisk weather, and leaf peeping. But did you know October is also Cybersecurity Security Awareness month? Before we say goodbye to October, here are some good tips to share with your employees. Since the news is full of corporate cyberattacks, most employees are aware of basic cyber security risks when they are sitting in front of their laptops. However, that laptop is not the only computing device your employees are using in their daily work lives.

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Topics: Cyber

Construction Inclusion Week: Building the Foundation

Over these past couple of years, there has been a shift for companies and brands to be more inclusive. Often, it’s a lot of talk with some action taken at the time of the event. However, the Construction industry wanted to really make a difference. That’s why the 6 leading U.S. General Contractors teamed up to create a consortium called Time for Change.

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Topics: TSIB Community, Construction Trends, Diversity Outreach

Is Your Broker Supporting You Through the Claims Process?

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As a construction firm, you have probably faced your share of claims. Unfortunately, it’s part of the job. Have you found yourself on hold with a claims adjustor when you should be at a project site? Wouldn’t it be helpful to have guidance through the entire claims process, so you can get back to business? Absolutely! Your Broker should be performing a thorough analysis on both your firm’s internal claims process, as well as the insurance carrier's claims procedures.

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Topics: Claims, Safety

Understanding the NY Insurance Construction Marketplace

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If you happen to be a contractor who does work in New York (NY), Labor Law is a major factor in your insurance costs. The law puts absolute liability on the contractor, and it is almost impossible to defend. As a result, we're seeing more Carriers pull out of the NY marketplace, and less available underwriting capacity than ever before. Underwriting capacity means that if last year a Carrier was able to write $1,000,000 in new business premium, this year, they may be only allowed to write $700,000 in coverage.

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Topics: Construction Insurance, New York Contractor