Four Areas of Focus for Landscape Contractors During A Hard Insurance Market
Author, Drew Garcia, Vice President, Landscape Group, Rancho Mesa Insurance Services, Inc.
The property and casualty insurance market continues to impact landscape contractors resulting in increased costs, changes to carrier appetites, and overall concerns for insurability.
There are four areas of focus your business can review to help manage the things that are somewhat unpredictable during this difficult insurance market
Renewal Process
It is always a best practice to start the renewal process early. Engage with your insurance agent 90 – 120 days before your policies renew. And, be prepared to update renewal information and learn from your agent about current market conditions.
Policy Structure
Consider policy consolidation. Some insurance carriers have capabilities to underwrite your major casualty lines (i.e., general liability, automobile, umbrella and workers’ compensation) to leverage all your insurance to see if you can create some economies of scale and perhaps more opportunity within the insurance market. As your combined premiums exceed $200,000, additional deductible options may become available.
Pre-Injury and Accident Prevention
Implementing a strong safety program and ongoing training can help prevent employee injuries and third-party accidents.
Post-Injury and Accident Protocol
Conduct thorough accident reports and investigations. Gathering detailed information at the time of an accident or injury is critical for your insurance carrier to best handle the claim. And, create trainings to avoid similar incidents from occurring in the future.[DG2]
These four areas should be on your radar to ensure that your company can weather the hardening insurance market.
To discuss these specific areas or to evaluate your current insurance program, contact me at (619) 937-0200 or drewgarcia@ranchomesa.com.