subject: Know The Important Insurance Services For Contractors [print this page] Know The Important Insurance Services For Contractors
Construction hazards are not a new occurrence. In fact it has been very rightly stated that undertaking any construction is a huge risk in itself. In America, construction still stays one of the hardest jobs. As a fact, the rate of construction nonfatal occupational injuries and illnesses was as high as 7.9 for 100 full time workers in 2001. To make matters worse, construction work accounted for 22.6% of workplace fatalities in 2002. In a very interesting study in Michigan in 2000, construction accounted for 15% of permanent hearing loss cases. Therefore, it is very essential to ensure that the workers and laborers are sound and healthy as more and more contractors employ them for construction work. Most contractors turn to insurance companies to make maximal use of the coverages that help them redeem their losses when they are faced with any damage in the course of construction and in any case of injury or hurt to any of the workers. Every contractor must remember that each construction business is different and has varying needs for coverage, service and safety management. Therefore, every new construction to be undertaken must be subjected to risk transfer review. Risk transfer is an important component of a contractor's risk management program. Some insurance companies provide extensive risk transfer reviews that include: 1. Contract review of insurance requirements 2. Certificates of Insurance 3. Subcontractor Agreements 4. Additional Insured Endorsements 5. Indemnity/Hold Harmless Agreements 6. Waives of Subrogation Each construction business is different and has varying needs for coverage, service and safety management. Another important aspect of construction insurance is the claims management which insurance companies provide to contractors. Mostly, they assist clients in processing the claims by providing expert services. They assist clients in developing processes and procedures to respond to claims. Open claims are reviewed by conducting frequent meetings with clients and resolution strategies are developed. In regular services, insurance companies provide regular progress reports on claims, monitor reserves for accuracy and review payments. They also assist in analyzing claim history for trends and coordinate loss control services. They track the progress of subrogated claims until recoveries are obtained or efforts exhausted. In case you are on the lookout for agents in insurance, Grandville is proud to present to you the active services of Berends Hendricks Stuit Insurance Agency Inc., a large Mid West agency that has been offering advanced insurance services for the past 20 years. All you need to do is give them a call at the number provided in their website and they will send their agents to help determine the best insurance coverage that suits you.
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