Georgia Construction Today - First Quarter 2009 - (Page 16)

feature Am I Getting Enough from My Insurance Broker? Program Administration Risk Management Services By John McGarvey, Assistant Vice President of Commercial Insurance/ Risk Management Services BB & T Insurance Services Claims Support Through the years, contractors have improved their focus on safety management; however, much of the impetus for this focus has grown from compliance with regulations. While such regulations are important, they should not become the benchmark for practices – your aim should be much higher. As world-class contracting ﬁrms continue to create best practices for the construction industry, your insurance broker should continue to create best practices for you and your risk management program. As the economy and construction industry evolve, so should your risk management program. Now considered a serious management initiative, risk management in today’s insurance market requires “beyond-the-edge” thinking if a contractor is to maintain a competitive advantage. With an increased emphasis being placed on risk transfer mechanisms and hold harmless agreements, the insurance-buying process has become more complex than ever. This process can no longer be viewed as a once-a-year bidding frenzy with your local agent. Instead, your risk management program needs to be 16 Safety/Loss Control viewed as a serious proﬁt initiative that has the ability to boost returns, reinforce quality, reduce costs and permanently change the way construction ﬁrms compete. Today, more than ever, it is important to have an agent/ broker who truly understands your business. The insurance and risk-management support to a contractor must be grounded in solid knowledge and understanding of the construction industry. It is important to review service standards with one question in mind: What services are important in reducing my overall cost of risk? An agent who simply provides you with a laundry list of services without the integration of what’s important, and why, will have only minimal impact on your long-term cost of risk. Almost any agent can provide the actions and services outlined in this article, yet few understand what it means to truly Georgia CONSTRUCTION TODAY FIRST QUARTER 2009 © ANDREYKOM | DREAMSTIME.COM

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Georgia Construction Today - First Quarter 2009 Contents Message from the President Leading in Tough Economic Times Breaking the Cycle of Workforce Insanity Chapter’s Workers’ Compensation Program Delivers Greater Value with Multi-State Coverage Am I Getting Enough from My Insurance Broker? Change Has Arrived: Georgia’s New Lien Law Index to Advertisers

Georgia Construction Today - First Quarter 2009

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