State of DE OMWBE along with EDiS (https://www.ediscompany.com/ ) invited my firm, Insource Help to provide a seimar to help educate their trade/small sub contractors about commercial insurance, surety bonding on safety training/compliance. These trade contractors were in demand based on having State of DE DBE Cerification.

1. Your Helpful Information Resource

2. Has this ever happened
to you?

3. Understanding Risk
 Avoidance
 Retention
 Loss Prevention & Reduction
 Transfer

4. Avoidance
You avoid the risk by wearing
protective gear, or the spill, or
not trespassing in an
authorized only area

5. Retention
You measure how
much risk you are
willing to assume

6. Loss Prevention & Reduction
You reduce the risks by
preventing accidents,
employing safety
procedures, and putting
security in place

7. Transfer
Shift the
responsibility or
burden for disaster or
loss to another
person, by
legislation, contract,
or insurance (ex:
additional insured
endorsement)

8. Sample Risk Management
Survey
 Between the broker and the contractor

9. Role of Broker & Contractor
 Roles/Responsibilities of each – Broker and Contractor
 How RiskTolerance Affects an Insurance Portfolio Design

10. Role of the Broker
 Your insurance broker represents you
not the insurance company
 Based on your risk tolerance, will work
with you to create an insurance
portfolio which reflects deductibles
that you are comfortable with
 Website and Social media interactive
For the latest on your insurance needs
(ie LinkedIn)
 Is your claims advocate should you
experience a loss

11. Role of the Contractor
•Determine how much risk you
are willing to assume
•Disclose to your broker, infor-
mation regarding your business’
assets – equipment, property,
employees, commercial vehicles

12. Do you feel
like your
current
insurance
program is
taking you in
circles?

13. Designing an Insurance Portfolio
for Contractors
 The Contract
 The Contractor
 The Sub-Contractors

14. The Contract
 Contract language appropriate/correct for insurance
coverages
 Builder’s Risk
 Certificates of Insurance
 Installation Floater

15. Contract & Insurance Language
 Does your contract clearly state the insurance coverage
that you have in place for this contract?
 Have you had your contract reviewed by an insurance
broker for properly insurance language?

16. Builder’s Risk
 All buildings and other structures that require coverage
during construction
 Scaffolding, temporary forms and structures
 Building materials and supplies needed to complete the
structure

17. Certificate of Insurance
This is one of the most
important document that
you will need on a contract; and it
is one of the most misused and
Incorrectly completed.
Errors are frequently made regarding
who requires a certificate; the required
coverages; and the wording on
additional insureds.

18. Installation Floater
 Provides for coverage for items awaiting installation or
during installation:
 Fixtures
 Furnishings
 Cabinets
 Materials

19. The Contractor
 Equipment &Tools
 CommercialAuto/Trucks
 General Liability
 Errors & Omissions
 Umbrella Liability
 Workers Compensation

20. Equipment/Tools

21. Commercial Autos/Trucks

22. General Liability

23. Errors & Omissions

24. Umbrella Liability

25. Workers Compensation
 Provides a benefit to workers who suffer work-related
sickness or accidents.

26. Are you protected, if they are not?
Sub-Contractors
 Workers Compensation
 General Liability
 Errors & Omissions
 Umbrella Liability
 Their Auto/TruckCoverage

27. Explore Owner-Controlled
Insurance Program
 What is aWrap-Up Program?
 Advantages/Disadvantages

28. What is aWrap-Up Program?
 Insurance program where the property owner arranges
policies to insure:
 all construction,
 materials,
 hazards,
 workers compensation, and
 other building related risks.

29. Advantages/Disadvantages
 Advantages to the contractor:
 Potential greater insurance limits than contractor could
procure
 Potential for contractor to work on projects that they might
not otherwise be able to obtain
 Disadvantages:
 Potential gaps in insurance
 Uncompensated administrative costs by the contractor
 Deductions from contract value that exceed actual insurance
costs

30. There is nothing magic about
insurance
Just hard work
and dedication to
your clients.
Something we
have done at
InSourceHelp
since 1981.

31. Questions & Answers

32. Want to learn more, contact:
InSourceHelp
Email: kristi@insourcehelp.com
Phone: 302-256-6111 X100