Georgia Construction Today - First Quarter 2009 - (Page 18)

Within each service sector, there are non-negotiable services all contractors should expect from their broker. The implementation of Contract Audits, Safety Management Boot Camps, Best Practices Audits and Educational Seminars are essential and non-negotiable to establishing a successful risk management program. As the construction market continues to change, so do your contractual requirements. Establishing a relationship where your broker reviews every contract you enter into is vital to your company’s protection. Safety Management Boot Camps aide management in obtaining “buy-in” from all levels of the corporation – which is necessary to obtaining a zero loss record. The use of benchmarking and the auditing of your Best Practices enable you to compare your business against like businesses in your industry. Educational seminars bring the necessary information to you and your employees to maximize the beneﬁts of these non-negotiables. The listed services outlined within each category are not exhaustive and should be used in conjunction with the non-negotiable services mentioned to establish the benchmark of what a contractor should seek and expect from his broker. The old saying “the strong will survive” has never been more true than today. The challenges brought forth by the economy and our litigious society have presented today’s contractor with a bevy of new challenges. It is apparent lean and ﬁt organizations represent a platform for long-term survival. I challenge you to take a long-term view rather than a short-term view of your risk management program. We all get stuck on the short term: “How much is my premium this year?” With everything, there are cycles. When there is a hard insurance market, capacity is low, coverage is difﬁcult to obtain and premiums are high. During a soft insurance market, just the opposite is true: capacity seems endless, broad coverage is available and premiums are low. The problem with this scenario is when premiums are low and your losses stay the same as in the hard market, your loss ratio increases, making your account unattractive in a moderate-to-hard market and thus increasing your costs substantially. The approach should be to manage your entire program for the long haul. This means implementing sound safety practices and risk management techniques designed to address both short- and long-term risks. The majority of this can be accomplished by partnering with a construction risk expert and simply asking yourself, “Am I getting enough from my broker?” ■ About the author: John P. McGarvey is an AVP with BB&T Construction Risk Services Group in Atlanta. He has devoted his entire career to construction insurance and risk management, working with contractors throughout the U.S. in designing and implementing risk management methods to reduce and control the cost of risk. To learn more about BB&T, and their Construction Risk Services Group, which has a unique approach to construction risk management, contact John at jmcgarvey@bbandt.com or 678.566.8088. 3685 Hewatt Court, Ste. E Snellville, GA 30039 Phone 770.469.8286 Fax 770.469.5457 Looking for bid notices in Georgia? Service and construction bids are printed in Georgia’s legal organ newspapers in all 159 counties. Georgia’s newspapers go one step further and also make bids and other public notices available in a free & searchable database online. www.GeorgiaPublicNotice.com CAPABILITIES AND SERVICES • Quality Installation of metal panel walls, ACM systems, industrial siding, and other specialties • Design Build Specialists • Budgetary Services • Engineering and Detailing Assistance • In-house Project Management Please visit us at The metal panel solution for owners, contractors, and construction managers. The Southeast’s largest metal panel provider has been serving customers since 1989! www.secoinc.biz • Safety Management-Low EMR • Self Performing Installers Georgia Statewide Database of Public Notices 18 Georgia CONSTRUCTION TODAY FIRST QUARTER 2009 http://www.secoinc.biz http://www.gapress.org

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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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