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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.
1. Review the Current Program
Having a fresh set of eyes look at your current program is crucial. Sometimes you’re too close to your current insurance program and you might miss some of your exposures. It’s vital to work with a Broker who is performing a Risk Analysis for your company.
2. Develop Coverage Specifications
Your market submission to the underwriters should be about coverage, financial options, and your Risk Management process. It’s important to be clear regarding your company’s processes and how you’re complying with industry best practices in Risk Management, Safety, Claims Management, and Administrative Controls.
3. Implement the Plan
After the program specifications and service plans have been finalized, your Broker will access the appropriate markets. The Carriers will provide quotes and coverage options and negotiate with your Broker. Your Broker is ensuring you obtain all the coverages you need/request at an affordable price.
4. Support the Claims Process
Work with your Broker to have a Claims Management process established. Your Broker should be performing a thorough analysis of your overall claims process. Your Broker’s job is to support the claim review process and provide appropriate guidance for mitigation, including the financial impact or from a risk mitigation perspective.
5. Manage Risk
Your company enters into a variety of contracts from maintenance facilities to vendor agreements. Partner with a Broker who has a process in place to track and review your insurance-related documents, including certificates. This will ensure contract compliance and minimize your overall exposure. In addition, have a Crisis Management plan ready to implement if necessary.
This year, instead of relying on what you’ve always done, interview different Brokers. Let them be that fresh set of eyes to analyze your risk exposures. You may discover that not only can they help minimize your risks, but they might also be able to save you some additional premium.
If you’re open to a change and would like to speak with one of our Risk Consultants, reach out to TSIB today and let us perform a thorough risk analysis on your company.
TSIB’s Risk Consultants are currently servicing the following locations:
East Coast: New York City, NY; Bergen County, NJ; Fairfield County, CT; Philadelphia, PA
Texas: Austin, San Antonio, Houston, Dallas
California: Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego County