The Crucial Factor In Insurance For Connecticut Construction Companies
Here’s the most important insurance concept you’ve never heard from your broker:
Risk Profile MaximizationTM1.
RPMTM is a combination of all of the preventive, claim mitigation, safety and risk reducing services a Risk Advisor provides, coupled with how you are packaged and presented to the insurance marketplace:
- Risk Reducing Services
- Making you more attractive to the insurance marketplace
Compare the services offered when it’s time to take your program to the insurance-carrier marketplace. Who’s going to bring you a better outcome: the agent, who presents a minimalist sketch, or the Risk Advisor, who paints a rich, detailed portrait of your safe operations?
What typical Insurance Agents/Brokers do when they present you to the marketplace:
- Applications (usually lacking sufficient information for the underwriter to really understand what you do)
- Loss Runs (usually without any analysis to make them meaningful)
What Risk Advisors do for Connecticut Contractors before they take you to the marketplace: (Performing all these services for clients is called Risk Profile MaximizationTM)
- Comprehensive risk survey of all operations by trained risk management expert
- Compliance audit of all subcontractor certificates of insurance
- Review bid specs and advise accordingly
- Operational risk survey
- Calculate lowest possible EMR and create plan to achieve it
- Estimate and analyze your Experience Mod Rate (EMR) for the next rating period
- Safety training of all types
- Provide regular educational seminars/webinars on risk management topics of importance
- Design & implement annual Risk Reduction plans
- Rewrite insurance/indemnification sections of construction contracts
- Review all open workers’ comp claims & create plan to settle at lowest level possible
- Feasibility study for captive or other alternative risk transfer/loss responsive program
- Seminar for project managers on Contractual Risk transfer
- Seminar for all supervisors on the financial impact of workers’ comp claims
- Sexual harassment training
- Evaluation of HR policy and procedures to comply with state and federal laws
- OSHA safety audit of construction sites
- Audit, update, and revision of safety manual
- Audit, update, and revision of employee manual
- Assessment and recommendation to improve return to work methods
- Train HR staff in proper administration of FMLA and ADA
- Specialized safety training (lockout/tag out, confined space, HAZCOMM, OSHA 10, etc.)
- Train Supervisors in proper accident investigation techniques
- Coordinate return to work program with primary occupational med clinic doctors
- Train & assist your return to work coordinator
- Conduct audit of current safety program
- Provide legal hotline for complex HR legal issues
- Experience mod help
- Managing Contractor controlled insurance programs (CCIP)
- Managing Owner controlled insurance programs (OCIP)
Try a free RPM Test Drive for a month—or a year.
1Why have you never heard of RPMTM from your broker?
Why have you never heard the term Risk Profile MaximizationTM (RPMTM) from your insurance agent?
- They don’t know what it means.
- They don’t realize that this is where they can make the greatest premium impact.
- They lack the tools & knowledge to implement it.
- They focus all their time & resources on the “fools gold” of quoting.
- They are paid by insurance companies to sell insurance policies. If they were to focus on your RPMTM, your premiums would go down along with their commissions.
- Most importantly, they are far too busy quoting on new business and helping prospects save money instead of investing in your success. And besides, as I said in 5) above, the traditional insurance business model is designed so that the more you pay (or suffer financially) the more money your agent makes. How crazy is that? Can you afford to live with that system any longer? That’s a Win/Lose proposition and guess who is losing?