Knowledge Corner

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Deciding the type of insurance plan can be frustrating. Ultimately you want the best coverage, for the most cost-effective price. There are different insurance types or risk financing options you can choose based on your company. One popular option is a Deductible plan.

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Insurance is usually one of the last things companies want to talk about. It’s not fun or exciting, it’s simply a means to transferring risk. The necessity of insurance doesn’t make it any easier when figuring out the best risk financing option for your company. Depending on your trade and the type of risk you are wanting to transfer, will determine the best insurance option for you.

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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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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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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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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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As Wrap-Up Programs continue to become more popular, chances are, you have already found yourself enrolled in one. Make sure you have spoken to your Broker and removed the General Liability Wrap-Up Exclusion via endorsement on a blanket or project-specific basis.

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Managing your company’s cash flow is extremely important. Unforeseen problems will arise, but if you have a proper cash flow management system in place, your company will be better equipped to handle any issues that may arise. Here are some cash flow solutions that your construction company can implement:

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You’ve heard the saying, cash is king? Well, it really is. Managing your cash flow is key to your success in the construction industry. As a Contractor, your cash flow flexibility is critical to your business. When you look at your company’s cash flow, you can gauge how much money you are able to spend at any given time.

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As in any healthy, productive personal relationship, both partners must be active participants working towards a common goal(s). If one partner is passive and unengaged, it will be detrimental to the relationship as a whole. The same goes for your business relationships. The business relationships that bring the most value are those where both parties are proactively contributing – in good times and in the bad times.