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As your company’s insurance premiums start to renew, it’s important to understand that price increases are occurring because of the Insurance Hard Market. A variety of coverages are affected by this including General Liability, Excess Liability, and Builder’s Risk.
One way to combat these Hard Market increases is to work with your Broker to show your company’s safety program. It’s vital to document all of your protocols in a Safety Manual, which should emphasize that safety is more important than anything else including costs, timelines, schedules, etc. If your company currently doesn’t have a “safety first” mentality, it’s important that you start implementing that as soon as possible.
The reason it’s crucial to have a “safety first” mentality is because it shows that your company is concerned with the safety of every employee. Some signs of a good safety culture include:
- Constant Communication
- Daily Job Site Inspections
- Safety Committee
- Reward Workers
When you have a good safety program, your company will most likely have less claims and a lower EMR. However, if you do have claims, it’s important to close them out as soon as possible as they affect your experience rating.
If you have any questions about how to instill a “safety first” mentality reach out to TSIB today!
For additional information, download our Hard Market Roadmap below to learn what additional strategies you can implement to help your company navigate the Hard Market:
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East Coast: New York City, NY; Bergen County, NJ; Fairfield County, CT; Philadelphia, PA
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