Resources & Insights

How to Find the Right Broker for Your Construction Business

June 30, 2020

Scott Carlson,
President, Construction Practice

4-minute read

There’s no shortage of insurance brokers in the world, we know. But like any other business, there are the good and the less-good.

Whether you’re a contractor, construction manager or subcontractor, it’s critical you have the best coverage possible to protect yourself, your employees and your construction business.

An experienced construction insurance broker will be able to spot the weaknesses in your policy and know how to shore things up to your best advantage. But how can you evaluate the brokers hoping to do business with you?

First, you’ll want to consider a brokerage with a sizable book of construction business, preferably from contractors of similar size and with similar operations, since they tend to be attractive to the same insurers.

Once you’ve identified a couple of possibilities, invite the broker in for a conversation.

The questions they pose to you will be a good indication of whether you’re talking to someone worth considering.

The better construction insurance broker will want to know about the type of projects you work on, where they’re located, their size, what kinds of subcontractors you use, what types of equipment you use and more.

The better construction insurance broker also should be able to present you with options for insuring your project(s) from multiple carriers to ensure that you get the right coverage at the best possible price.

Doing that, incidentally, is considerably tougher than it sounds, if only because the best carriers are selective about which construction broker they’ll do business with.

Here’s what else you’ll want to consider in finding the right construction insurance broker:

  • Ask any broker you’re considering about his or her firm’s experience in handling claims. Be sure you’re not about to hire a broker who won’t be at your side when it comes to resolving a claim with the insurance company.
  • Understand how the advisor will go about determining the coverage that’s right for you. Shopping on a price-comparison basis risks leaving you unprotected. You’ll want to make sure you have adequate coverage regardless of the cost.
  • Consider their credentials. Do they have the professional insurance-industry designations that suggest they’ve accrued the education and experience needed? Look for advisors with advanced designations such as Chartered Property Casualty Underwriter (CPCU) or Certified Insurance Counselor (CIC).
  • Try to gauge how comfortable you might be when they’re around. You’ll want to get a feel for how they work, and whether their personality meshes with yours.

In the end, the right construction insurance broker can substantially increase your company’s ability to win jobs, profit from those jobs, and avoid (or at least survive) those calamities common in the risky business of construction.

The key is to find the most knowledgeable and professional construction broker possible who can provide you with the advice you need and represent your company in the insurance marketplace.

Scott Carlson is the President of CCIG’s Construction practice. Reach him at Scott.Carlson@thinkccig.com or at 720-212-2040. You can also connect with Scott on LinkedIn.

CCIG is a Denver-area insurance, employee benefits and surety brokerage with clients nationwide. We do more than make sure you have the right policy. We help you manage your long-term cost of insurance with our risk and claims management expertise and a commitment to service excellence.

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