insurance
E714: Continuity Planning and Key Personnel
Is your business prepared for a major catastrophe?
E713: Subcontractor Insurance Requirements
Project teams must review and track subcontractor insurance.
E712: Reviewing Insurance Requirements
Review insurance requirements carefully during estimating.
E711: Ask Coach – Should I Shop My Insurance
Proactively manage your insurance coverages to keep costs contained.
E534: Subcontractor Insurance Coverage
Are your subcontractors carrying the right insurance?
- Insurance is complicated but an important aspect of risk management
- It protects our business
- It protects our employees and customers
- So does our subcontractor’s insurance protect us?
- Are your subcontractors properly covered?
- Many of us collect insurance certificates but do we review them
- Do we know what our subcontractors provide
- Do we know what they should provide
- Get the correct coverage and info from your subs
- Don’t just collect certificates for file filler
- Review and require the right coverages
- Talk with your carrier
- Review your contracts
- Start collecting, reviewing and tracking your sub insurance
E444: Managing Our Insurance Coverage
Insurance is supposed to be there when you need it. Are you covered?
- Insurance is important and covers us when things go wrong
- We covered W/C, today is about other insurances
- General Liability / Errors & Ommissions / Property / Etc.
- Covers us in catastrophic events
- It keeps us in business
- We covered W/C, today is about other insurances
- Making sure we are covered properly is important
- We rely on our agents to do this
- Are you covered if?
- Are you paying a fair price?
- How can we as contractors possibly know all about insurance
- We can’t know it all so we rely on agents
- Our job is to ask questions
- Make sure our agents understand our business
- Make sure our agents are doing their job and getting us quotes
E439: Stay On Top Of Your Workers Comp Insurance
Workers comp protects you and your workers so don’t take it lightly.
- Workers comp is important insurance in the construction industry
- It protects our company in the event that someone is injured
- It protects our workers in the event they are injured
- It deserves some attention
- Key things to understand about workers comp
- Worker classifications
- Your rates are determined by the classification of the work your employees perform
- A common labor versus an iron worker
- An equipment operator versus a clerical worker
- Your rates are adjusted based on audits of your payrolls
- Your rates are determined by the classification of the work your employees perform
- EMR – Experience Modification Rating
- This is a rating of your past performance as it relates to claims and safety
- This rate is a multiplier that is used to adjust your total premium
- If your premium is calculated to be $100,000 and your EMR is .80 you will pay $80,000 not $100,000
- Make sure your agent understands your business and represents you properly
- Worker classifications
- With an understanding of these key things we can do our part to help control the costs of W/C
- Ask your agent questions to make sure they understand your needs – if not get an agent that specializes in construction
- Manage your payroll closely and make sure you classify your workers properly
- Work to lower your EMR – safety is key
- This is an added benefit of our focus on safety