Every company wants lower insurance premium costs. But with a hardening insurance market, how can construction companies lower their spending on insurance? What are actionable steps contractors can make to become more attractive to brokers?
In this podcast episode, I talk to Mary Grandy, Senior Vice President at Epic Insurance Brokers and Consultants. She gives us a brief look at the insurance market today and how it is affecting construction companies. We ask her for some tips on how contractors can become more appealing to insurance agents. She also shares her expert opinion on what makes good partners and improving trust between agents and contractors.
There’s a lot to discover and learn from this episode. Check it out today!
2:20 Hardening market in insurance
3:20 What is social inflation?
4:25 How is the construction industry affected?
7:21 Advice on addressing the challenges of insurance premiums
8:46 Defining total cost of risk
9:25 Contractor programs to address the total cost of risk
11:17 Who and when to delegate risk management
13:42 Responsibility of contractor to build relationships with insurance companies
15:18 Difference between a good and bad partner
17:24 Most effective way to build trust
20:54 Look for an insurance broker that understands your language
22:50 How construction companies can become more attractive to insurance carriers?
24:27 How long will it take for contractors to improve?
29:50 Three action items to facing insurance challenges
About the Guest:
Mary Grandy is Senior Vice President at Epic Insurance Brokers and Consultants. With over two decades of experience in the insurance industry, she brings a unique approach in representing the construction industry with her expertise in litigated construction claims. She focuses on the design and implementation of insurance and risk solutions for all aspects of her commercial, property and casualty and workers’ compensation insurance clients.
- Do Your Project Executives Need to Become Better Leaders? Book a 10-minute call with Eric Anderton (https://10minutes.youcanbook.me/)
- Connect with Mary Grandy
- Hawks Restaurant: https://hawksrestaurant.com/
Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to the Construction Genius: A Leadership Master-Class Podcast on Apple Podcasts, Spotify, and Stitcher.
Thank you for tuning in!