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Strategically control unfortunate events with a business partner that understands your unique risk profile.
Take control of common risks for Street & Road Contractors
A street and road contractor’s job isn’t easy. Managing cash flow through unpredictable weather, equipment maintenance, and stiff competition is a tough balancing act.
You’ve likely dealt with most of these challenges – and then some.
Navigating compliance, regulations and permits
Focusing on the safety of workers and the public
Equipment breakdown and downtime
Competitive bidding and cost estimation
All these challenges have one thing in common: If not handled properly, they could expose your business to risk.
How would your day look different if you had an industry expert on speed dial to talk you through these issues as they arose?
Managing risks for Street & Road Contractors goes beyond insurance
Filing an insurance claim is reactive. It can minimize your financial loss from an incident but doesn’t improve your long-term efficiency or profitability. If your current insurance provider is simply fielding claims, you’re missing the rest of the puzzle.
What will help you make business decisions that build a bright future? Be proactive by addressing the following top challenges for street and road contractors.
1. Safety hazards
2. Preventing claims
3. Forecasting insurance costs
4. Legal disputes and third-party exposures
5. Environmental impacts
6. Managing claims
1. Safety hazards
A job site accident can lead to employee injuries, property damage, reputational harm, and reduced productivity.
Our top loss prevention strategies for street and road contractors:
Invest in effective loss control techniques like safety training
Develop a safety program with documented policies and procedures
Navigate these areas and more with Leif’s in-house safety and compliance expertise.
2. Preventing claims
Today we have technology proven to reduce risk and ultimately prevent claims. Dashcams and Fleet management tools capture real-time data and diagnostics like usage, location, and maintenance. This data helps to:
Resolve claims and disputes with indisputable video footage of incidents
Demonstrate your commitment to driver safety to insurance carriers and identify opportunities for driver training
Prevent accidents by addressing risky driver behaviors
An incident can damage expensive business property – whether it’s yours or someone else’s.
Keep organized records to avoid overpaying during your work comp audit
Identify opportunities to increase your surety bond capacity
Consider pay-as-you-go billing plans for your workers’ compensation policy
4. Legal disputes and third-party exposures
Contractors can run into legal disputes with clients, subcontractors, or suppliers. Insufficient contracts can also expose you to third-party risk.
To identify and fix these exposures:
Have an expert conduct a detailed contract alignment review
Do a full exposure analysis every year to uncover new or unknown exposures
Leif’s risk experts will examine your contracts and exposures with a fine-tooth comb.
5. Environmental impacts
Unintended soil erosion or the pollution of nearby water and air with hazardous material can lead to hefty fines and reputational damage.
To minimize these risks:
Know and follow environmental regulations
Perform regular impact assessments
Ask your agent if pollution liability insurance is right for you
Leif’s experts will make sure you have the liability coverage you need.
6. Managing claims
You must manage claims effectively to minimize their impact on your financials. It can be tough to know who to trust while navigating the claim process.
Here’s how to manage claims with confidence:
Work with a claims consultant to guide you and advocate for you
Project how claims will impact your premium prior to renewal
Using captured video footage to expedite the claims process
With Leif, our in-house claims experts are there for you until the claim is closed.
Which policies are right for you?
With our diverse network of top-rated carriers, we can write any insurance program tailored to your risks.
More than an insurance agent: Our Consultative Approach
As your construction operation grows, your risks compound. Leif’s in-house experts help you create risk and bond strategies tailored to your business.
At Leif, we use a consultative approachto provide ongoing guidance. Our proven five-step process ensures your risk management plan aligns with your goals.
Many factors influence our insurance strategy. At the beginning of your partnership with Leif, we’ll conduct a comprehensive risk assessment. Based on our findings, we might recommend:
A Certificate of Insurance is a document verifying your insurance coverage. It provides proof to clients and other partners that your business has adequate insurance. Clients might ask you to provide a COI before starting work or entering into a contract.
It’s crucial to not only collect COIs from your subs, but also verify that the coverage complies with your contracts. If your subs don’t have adequate coverage, liability could fall back on you if an incident happens.
Develop a consistent process for collecting, verifying, and tracking COIs. If you only work with a few subs, you can do this manually – but you know better than anyone that time quickly adds up. If you’re ready to automate your COI management, Leif can help.
Every year, thousands of construction workers are injured on the job. Even if your employees know how to work safely, incentives like finishing quickly can lead them to make unsafe choices.
That’s why every business needs a safety program with documented policies and procedures, regular training, incident reporting, and an investment in safe equipment.
In addition to the invaluable outcome of saving lives, a safety program also benefits your business by:
Increasing productivity
Improving employee morale and reducing turnover
Strengthening your company’s reputation
Reducing your legal liability
Improving your claims experience, reducing insurance costs over time
Controlling insurance spend is a top priority for contractors. The best way to control costs is to get a thorough, accurate, and real-time view of your business’s risk.
How?
By partnering with construction experts to assess your risk and collect data using fleet management technology.
This information helps you improve safety, streamline maintenance, and boost efficiency. It also qualifies you for discounts based on safe operator behavior – and it’s only available from Leif.
A bond is a three-party contract between you (the principal), your client (the obligee), and the surety provider. If you fail to perform according to the contract terms, the surety will step in to fulfill your obligation.
In this event, the surety provider will expect to be made whole via the indemnity agreement, which is both a corporate and personal guarantee from you to the surety.
Surety bonds can boost your revenue and fuel your growth as a general contractor by:
Allowing you to bid on larger and more complex projects
Improving your reputation
Helping you build the company’s financial strength and generational wealth
Bonds are required on all public projects and many private commercial projects. Our in-house bond underwriters can help you secure the bonds you need and increase your bonding capacity to win bigger projects.
Personalized serviceyou can count on, every time
We deliver exceptional service across all lines of insurance by promising to:
Identify coverage gapsand quickly secure new policies
Partner with strong carriersto offer the best program available
Respond quickly to calls, texts, and chat during business hours
Offer after-hours claims consultation for 24/7 emergency support
Deliver mostCOIs within 2 business hours and bonds overnight
Create a strategy tomaximize your bond capacity for growth
Whether you’re a large multi-state firm, local trade contractor, or something in between – you can hold us to our promise.
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