By Billy Smith, Executive Vice President – Claims & Risk Management, NBIS
When your insurance renewal is coming up, there’s a lot to do and consider. Paperwork, forms, applications—it can all seem unreasonably daunting and confusing.
At NBIS, we get that.
So in order to make things a little bit easier for you come renewal time, we’ve compiled a list of four essential questions to ask your agent to make sure you’re getting the best possible coverage from the best possible carrier.
How will this particular insurance carrier help me manage my risk in the upcoming year?
It’s important to know how to hone in on your particular needs when discussing an insurance policy with an agent or broker. Any insurance company worth its salt should have a variety of risk management services available to policyholders. Your agent needs to be able to articulate them, and also explain how they relate to your company’s needs. Additionally, your agent should have a thorough understanding of both your company’s business and the insurance provider’s capabilities.
You’ll also want to make sure that the insurance company offers policyholder assistance in the following three core areas.
- Safety training
- Technology solutions
What contract management resources does the insurance provider offer?
They’re called contractors for a reason—in the construction industry, everything lives and dies by the contract. Having an insurance agent that knows the ins and outs of contract language is essential, but you should also consider how much your insurance provider knows about contracts. The more versed they are in how liability shifts from one party to another, the more confident you can be that your insurance policy will respond when it needs to.
How does the insurance company manage the changing nature of over-the-road exposures?
In today’s ever-changing transportation world, this is a big one. Your insurance company needs to understand just how important telematics and transportation-oriented technology have become. Risk in the transportation arena is changing all the time, and a particularly major change is coming our way in just a few short months – CSA reform. Helping you prepare for the transition to an entirely new FMCSA system should be high on your insurance provider’s priority list.
Does the insurance company offer proactive claims management services?
A wait and see approach to claims management almost always costs more. You want an insurance provider who’s not waiting around for something to happen. Proactively managing claims means providing industry-specific equipment appraisals, salvage recovery expertise (to lower claims costs), and careful loss and expense management.
Going into an insurance renewal process armed with the right questions to ask is the first step in making sure the provider you choose is the best option. If you need more information on risk management solutions and services, plenty of information is available to current and potential policyholders on our website, www.nbis.com.