This document provides information and guidance on how to reduce insurance costs through better management. It discusses developing thorough insurance specifications, maintaining comprehensive policy and loss history records, comparing quotes, and establishing productive relationships with multiple brokers to introduce competition. Following the strategies discussed can potentially lead to savings of 20-50% on insurance costs by taking control of the renewal process and avoiding coverage gaps or problems. An example shows a 24% reduction achieved for a painting company's insurance package through active management and negotiation.

1. How to Save Fortunes on Insurance Don Bury Insurance Cost Reduction Services www.icrs.biz

2. To what to you attribute your success as a contractor? I’m good at this! I think I will become a licensed contractor!

3. 10 years later…… I wonder if I should go to that PDCA meeting tonight?

9. History: Don Bury & ICRS

16. Core Concepts for controlling insurance.

17. Core Concept There is surprising monetary value in being well-organized and prepared.

18. Core Concept Take possession of your information and documentation.

19. Core Concept Institute an insurance management and control system. Document it and maintain it.

21. Core Concept You have room to gracefully maneuver in your relationship with your insurance broker.

22. Core Concept Never depend on any single person for all your insurance advice.

23. Core Concept Market intelligence is extremely valuable. Compare notes with others.

24. Core Concept If you ever feel even slightly intimidated by your insurance, it is time to get more help.

25. Nuts & Bolts for controlling insurance.

26. Nuts & Bolts Develop & maintain specs. Be able to publish thorough specs with a push of a button.

27. Nuts & Bolts Develop & maintain specs. NOT LIKE THIS

28. Nuts & Bolts Develop & maintain specs. Specs should provide everything any broker needs to produce a quotation. We measure quality by an absence of questions. This quality saves precious time and prevents errors and surprises.

29. Nuts & Bolts Develop & maintain specs. Specs should contain lots of tabular data Vehicles Drivers Equipment Sales – 5 year history & projection Payroll - 5 year history & projection Subcontractor volume - 5 year history & projection

30. Nuts & Bolts Develop & maintain specs. Specs should describe your operations. What you do, and where you do it. Locations you occupy. Your web-site is looked at by underwriters

31. Nuts & Bolts Develop & maintain specs. Specs should describe your coverage needs. Brokers can build this out with you. Current policies are a start, but are usually flawed. Stipulate your requirements for certificates of insurance. Include a wish list, or a missing list – a work in progress.

32. Nuts & Bolts Policy History Reports- Loss Runs Reports from your insurance carriers of your premium and claims history. They need to be updated at least each year, 90 days prior to expiration. No one can accurately quote your insurance without currently valued loss runs.

33. Nuts & Bolts Policy and Loss History Present a complete policy history table 5 years of policy history for Auto Liability Property Workers Compensation Display premiums and losses for each year

34. Nuts & Bolts Policy History Reports- Loss Runs How to get them. We advise against depending on brokers. Identify where your loss runs come from. Set up letters requesting them. Shoot the letters out each year at the right time. By law, companies must provide in 10 business days. Brokers can help you set this up.

35. Nuts & Bolts Policy and Loss History Make sure you have a direct conduit to all of your loss runs at all times. They are absolutely vital to your success.

42. Broker Relations

43. Broker Relations You can avoid being manipulated. Simply be candid, firm, friendly, and fair. They will respect you, and get to work saving you money.

48. Resources – www.icrs.biz to make it real for you.

50. www.icrs.biz Resources to make it real for you.

51. blog Resources to make it real for you.

52. Client Login Resources to make it real for you.

53. Spec builder, organizer, and control software online Resources to make it real for you.

54. Specs on Demand Resources to make it real for you.