Time to Talk Insurance Renewals: How More Frequent Insurer Engagement Can Optimize Contractor Outcomes

摘要

In today's hard casualty insurance market, many contractors may consider rising excess casualty premiums a foregone conclusion. But by engaging with a carrier more frequently outside the usual renewal discussions, contractors can help build better renewing terms and conditions for their firms—through hard markets and soft. There is significant value to be gained from convening with your insurer and broker more often. "Off-cycle" engagements are good opportunities to discuss key exposures (such as wildfires, wood-frame construction, auto liability or cranes) and showcase any risk management, quality control and/or safety protocols in place to address them. For instance, if you have been investing in collision avoidance systems or telematics to mitigate auto liability exposure, this is the perfect time to share it. Insurers will take note and have more qualitative information on hand as they underwrite your individual risk for renewal.