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6 Ways Agents Can Add Value to Their Contractor Clients

Mar 2, 2023

Between labor shortages, supply chain delays, interest rate hikes, and building valuation increases, It hasn鈥檛 been the easiest year so far for building contractors. The cherry on top has been insurance carriers issuing significant rate increases and cutting coverage for many of their insureds.

麻豆放映免费 has a few ways that you can support your contractor clients during this hard market and solidify your relationship as a value-added partner to them:

1. Communicate and educate. Now is not the time to go silent with your contractor clients. A big part of your role as an agent during this time will be providing education and information. Explain up front how increased building valuations affect premiums and how challenging capacity is in this marketplace.

In addition to speaking and meeting one-on-one with clients about their specific situations and policies, think about how you also might communicate in ways that scale across your client base. Leverage different communication channels鈥攍ike email and social platforms鈥攖o share timely news, education, and insights that are relevant and useful to their business.

2. Create a clear picture of risks. One of the best ways to plan ahead is by looking back. And while past performance doesn鈥檛 always indicate future outcomes, it鈥檚 a great place to start. Work alongside your contractor clients to assess where they encountered problems or delays in the past. Big jumps in material prices? Shipping delays? Back-ordered products? Theft and breakdowns in security? Labor constraints? From there, work through plans to overcome those challenges.

3. Get ahead of the game. As an agent, you know that to provide the best service to your clients, you need to think several steps ahead. That鈥檚 true now more than ever. Here鈥檚 an example: The non-residential building market is getting a $1.2 trillion cash infusion from the . As a result we can expect project activity to increase for bridge and road work, as well as improvements to power infrastructure and the electric grid.

Have any new clients submit their quote requests as early as possible and double-check all submission requirements to be sure you鈥檝e included all the information the underwriters need. Encourage existing clients to regularly review their policies to make sure their current scope of work is covered.

4. Think holistically about coverage needs. When working with contractors, don鈥檛 forget to take a step back and consider all aspects of their business. Virtually every company, regardless of industry, processes and stores sensitive company and client data digitally. Does your client have cyber insurance to protect against cyber attacks or data breaches? Or are they cutting costs and managing timelines by pre-engineering components of the construction project off-site? If so, they may not realize they need to think about off-site coverage and the risks involved in transporting those large components from one place to another. Is there a site pollution exposure where their work is being conducted?

The risk potential can be endless, and their insurance policies need to reflect that.

5. Tap into your extended professional network. You likely have a strong network of banks, financial experts, attorneys, PR experts, and other business professionals. Offering that professional network to your clients gives them the resources to weather this economic uncertainty. It also makes you an indispensable resource for their business, providing value beyond insurance alone.

6. Partner with wholesale brokers to find the best coverage options. Construction accounts are all so different that a specialist is required to ask the right questions and know exactly what lines of coverage are needed for the risk. In this hard market, a strong wholesale partner can not only bring their expert knowledge to the table, but bring a broad spectrum of markets that can plug the gap in capacity challenges you might face alone. Comprehensive insurance packages require layers upon layers these days, and a generalist simply doesn鈥檛 have the experience to put those deals together correctly.

麻豆放映免费 specializes in construction and has the wholesale brokerage markets, binding facilities and exclusive programs to get your deals done. Our industry-leading brokers will set you and your clients up for success despite the hard market. Contact 麻豆放映免费 today for a quote.

The 麻豆放映免费 Construction Insurance Team

The 麻豆放映免费 Construction Insurance Team

麻豆放映免费鈥檚 construction experts specialize in a variety of construction-related coverages鈥攆rom commercial general liability and professional liability to wrap-ups and workers鈥 compensation, and beyond. 麻豆放映免费 has dedicated teams of construction brokers for every risk type, account size, and geographic area in the country. We have broad market access to brokerage and binding authority and can offer exclusive program solutions to fit any construction need.
construction | contractors | inflation | labor shortages | supply-chain

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