Episode Summary:
In this episode, Matt and Kyle chat with Shea Fuller, an insurance expert with Holmes Murphy & Associates, specializing in construction policies, to break down the often complex world of insurance in construction.
Shea discusses the critical need for customized insurance coverage in construction and emphasizes the importance of early broker involvement, especially when signing contracts with varied requirements.
Through real-life examples, Shea highlights how selecting the right policies, avoiding common coverage pitfalls, and fostering proactive safety practices can greatly impact a company’s resilience in today’s evolving risk landscape.
Key Topics Covered
The Value of Early Involvement: Engaging an insurance broker before contract signing allows companies to tailor coverage to project-specific requirements, prevent costly delays, and ensure all liability needs are met.
Cybersecurity’s Growing Impact: With construction being highly targeted for cybersecurity threats, Shea advises robust cyber insurance to guard against phishing, social engineering, and data breaches, which are increasingly costly and disruptive for contractors.
Workers’ Compensation Essentials: Timely reporting of workplace injuries is critical to controlling claim costs. Shea stresses the importance of safety programs and a proactive injury reporting culture to help manage workers’ compensation premiums.
Exclusions and Policy Gaps: Many firms mistakenly choose the cheapest insurance options, which often have exclusions that don’t cover key project risks. Regularly reviewing policy exclusions with a broker ensures coverage aligns with a company’s specific operational needs.
Social Media Awareness for Safety Compliance: Insurance carriers often check a company’s online presence to assess safety culture. Shea advises companies to avoid posting images that reflect unsafe practices, as these can affect eligibility and rates for coverage.
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