Podcast 57: The Ultimate Guide To Contractor Insurance with Jon Heinson

Are you getting the most out of what is probably the 3rd largest cost in your roofing business? When it comes to Businesses Insurance many contractors are leaving a lot of money on the table. What’s worse they may find that they don’t have the coverage they thought they did for the complex risks we face. If you would like to be certain that you’re properly covered for any eventuality, especially those that you haven’t even considered, listen in to today’s show, with Dave’s expert guest, Jon Heinson and discover the ins and outs of buying insurance. There’s a lot more to it than you may think!

Jon Heinson has been with Wells Fargo Insurance Services over twenty-five years. They are the fourth largest insurance broker in the world today, with two hundred offices. Jon specializes in contractors and he’s been Dave’s broker for more than 20 years. He is someone who really knows and understands both the insurance and the construction businesses. Dave points out that he had to learn the hard way years ago, upon discovering that he wasn’t covered for a certain type of loss- something that has put many contractors out of business. Listen in today and find out what you need to know to prevent this from happening to you. Are you ready? Let’s dive in!

On today’s show, Jon explains:

The problem with just going with your local agent that handles your auto insurance.
The types of insurance coverages for the Construction Industry.
The difference between an agent and a broker.
Why it would be better to go with a broker than with an agent.
How the rates for Worker’s Compensation are determined today.
More about the Experience Modification.
That most brokers don’t offer any ability to deal with claims problems, however, the better brokers offer auxiliary services- typically at no extra cost.
The importance of knowing that one of the key dates with regards to Worker’s Compensation is the Units Statistical Period, which is six months prior to your renewal date.
What your broker needs to know when it comes to general liability for roofing contractors.
Some ways that contractors can save some money.

Business Quick Tip: The problems with a high mod rate on your worker’s comp: 1) an accident disrupts your work and workers. 2) OSHA will be more visible and show up more frequently. 3) Some prospects will disqualify you for a high mod rate. 4) You miss out on marketing opportunities by not having a great safety program. Dave also shares his simple and effective safety program. Safety is everyone’s concern!