Knowledge Corner

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Trying to find the right HVAC contractor for your commercial or residential needs can sometimes be a very stressful process. There are many contractors out there that might seem to be a good fit for you, when in reality, might not actually be.

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The popularity around utilizing resilience as a risk management tool is growing. Resilience can be defined as reducing the impact of a disturbance. When facing natural catastrophes, insurance is an important technique that is used to help us rebuild. Resilience is the ability to “bounce back.”

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Risk Management is the practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact of the risk they impose. Your company can face internal risks and external risks.  Examples of internal risk include HR/Labor relations, contractual risk, and succession planning.  External risks include regulation changes, competition, and legislation changes, just to name a few.

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One way to identify risks for your company is to look at the insurance industry and what areas they have identified as threats. These are referred to as Emerging Risks and these days, there are plenty of them!

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Due to the 1985 hard insurance market, Congress passed the Liability Risk Retention Act of 1986. The act allowed the authorization to purchase group insurance programs for specific liability exposures. This made it much easier for members of a particular group or industry to establish alternative risk financing alternatives, such as Captives, SIR’s, and Risk Retention Groups (RRGs).

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When it comes to risk financing for Contractors, there are a variety of methods that can be used to fund “hazard” losses. From Large Deductible Programs to Captive Insurance Programs, and more. One method for Contractors might want to consider is a Self-insurance Program. Before you do, here are 6 facts of what you need to know:

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The goal of having a Risk Management Plan in place is to minimize your company’s risk. This protects you, your company, and your employees.

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Implementing a sound Risk Management program for your construction firm is necessary. Protecting your Business Risks, Strategic Risks, Financial Risks, and Hazard Risks is crucial to creating longevity for your company. When you have a solid Risk Management program, not only are you providing your company with the best protection possible, but you are actively caring for your employee as well.

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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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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.