By Marie King
Your contractors’ insurance, which includes your workers’ compensation and general liability coverage, provides your greatest tools for risk management. Each of these roofing insurances, general liability and workers compensation, respectively protects you from claims generated by your customers and employees. Because these two types of roofing insurance are so strategic to your risk management planning, it’s imperative that you choose the best roofing insurance agent for your company’s needs.
Recently, J.D. Powers and RIMS surveyed risk-management experts at large commercial businesses. According to the findings of J.D Powers and RIMS, the risk management experts surveyed, cited three top key performance indicators (KPIs) that they seek in an insurance agent. These KPIs for an insurance agent included risk-reduction strategies, communication (positive interactions) and price.
40% of enterprise risk management (ERM) professionals are not only responsible for financial risk but also the development and implementation of safety procedures. Roofing ranks as one of the highest risk occupations because of the inherent physical hazards involved in performing roofing tasks. Your workers’ compensation and general liability furnish you with a major buttress against liability. However, savvy safety procedures can reduce the need to file claims against these two types of contractors’ insurance.
What you want from your roofing insurance broker is someone who fully understands the risks of the roofing business and can propose solutions to help manage and reduce your risk. Your roofing insurance agent might suggest new product lines that are more tailored to your needs and offer greater coverage. Ask your broker, if there are any new product lines that could impact your risk-management strategy in a positive way.
Your insurance agent may also be aware of technology that could decrease your business risk factors. If your employees operate company vehicles, telematics; which measure hours, miles, location and fuel consumption; may enable you to prevent accidents that generate workers’ compensation claims. CRM technology helps you track customer account information more efficiently and may significantly minimize client disputes, which could lead to general liability claims.
Communication refers to positive interactions with your roofing insurance broker. From the onset, your contractors’ insurance agent should be able to answer any questions you have regarding your roofing insurance policy. Your agent should be able to suggest and tailor your general liability and workers’ compensation coverage to the specific needs of your organization. Likewise, your broker should walk you through the process when you file a claim to ensure its timely payment. In general, your roofing insurance agent should be easily available for contact when your needs arise.
Surprisingly, ERMs didn’t rate cost as the number one factor in choosing an insurance agent. Routinely, roofing companies will change insurance brokers based strictly on a lower price. However, using cost as your only guide when you renew your roofing insurance can be fraught with pitfalls. Being a repeat customer may benefit you in the form of better customer service by your contractors’ insurance agent. When you file claims as a repeat customer for workers compensation or general liability, your insurance broker may be more motivated to facilitate your claims than those of a fly-by-night client.