How can a workboat company position itself to be attractive to insurers? There’s no one-size-fits-all solution. Insurance is a custom product that considers the specific risks your company faces as well as the strength of your management, procedures, experience, and past claims history.
However, there are some general practices that can help your company stand out when insurance agents, brokers and companies are assessing who is best in class. These include:
- Developing a strong risk management program. This can help to identify and mitigate potential risks, which can make a company more attractive to insurers.
- Maintaining a good financial track record. Insurers are more likely to be interested in insuring a company with a strong and stable financial story to tell.
- Having a clear and concise safety policy. This can help demonstrate to insurers that a company is committed to safety and help to reduce the likelihood of accidents and claims.
- Being open and transparent with insurers. Insurers respect companies that are willing to be honest and clear about their operations. This includes providing insurers with all the information they need to assess the company’s risk profile.
- Working with your agent to look for the best insurance rates based on your insurance history and current exposures. Often this means getting several quotes (if available), but it can also mean listening when your agent advises you to stay put with your current carrier.
- Don’t get a reputation for changing insurance companies too frequently. It takes a while for insurers to learn the ins-and-outs of your business (and to generate a profit − there’s a lot of work up front in a new account). Loyalty is a two-way street in insurance. If you show the same amount of loyalty to your insurer that you expect from them it will pay dividends over time in pricing and claims.
- Get certified. There are a several certifications that companies can obtain to demonstrate to insurers that they are committed to safety and risk management. These certifications include International Organization Standard 9001, ISO 14001, and Occupational Health and Safety Assessment Series (OHSAS) 18001.
- Join industry associations. Joining industry associations can help companies stay up to date on the latest insurance trends and regulations. Attending industry events can help companies to learn about new insurance products and services. It can also help to network with other companies and insurers.
By following these tips, companies can position themselves to be attractive to insurers and get the best possible insurance rates.
