During the COVID-19 pandemic, sparse streets and empty office buildings seem to be crying out for help as we drive by. And while we’d be hard-pressed to find a bright side to all this uncertainty (aside from folks learning how to grow plants and bake sourdough bread), there is one area we have seen continued growth: commercial construction.
Because some commercial spaces have been closed for months, and foot traffic significantly decreased in others, businesses and property owners are taking the opportunity to complete overdue renovations.
Similarly, hospital and medical renovations have also increased in frequency to meet the needs of the public, along with highway and infrastructure improvements.
If you work with commercial clients or are considering expanding into that line of business, now is the perfect time to reach out about their insurance needs.
Here are seven ideas to help you identify commercial insurance opportunities during and after COVID.
- Already have commercial clients? Review their liability, property and workers’ compensation coverages to determine whether they may need remodeling coverage.
- Looking for new business? Contractors and service providers might have commercial property insurance, which means their coverage may only protect products, tools and equipment at the job site. This could leave them on the hook for damages incurred in transit or stored offsite. Make sure they know what their policy doesn’t cover.
- Is your builder client planning to lease or borrow equipment for the project? A typical commercial liability policy may not offer that protection. However, you can secure that coverage with a contractors equipment policy to ensure your client is covered.
- Are contractors transporting and handling fragile materials or expensive equipment? Consider discussing installation builders risk to protect their materials in transit or in temporary storage.
- What about business owners? Discuss whether there are materials, equipment or contents that need to be insured separately during construction. They may also need added protection for liability exposures and / or increases in the value of their property.
- How flexible are your providers? Post-COVID construction requires adaptability. Find insurers who are willing to cover a course of construction project that’s already in progress.
- Do you expect the unexpected? Completions are being delayed due to countless disruptions in the supply chain, labor, funding, and the ongoing health and safety concerns. Even securing permits and inspections are taking longer than expected. Get ahead of the game by making yourself familiar with the renewal and policy extension options offered by your providers, and manage client expectations with those in mind.
The pandemic has created a new environment of uncertainty. But, with these opportunities, you can confidently walk into a prospect meeting (or log into your video chat) ready to tackle their commercial builders risk insurance needs.
Want something to help you create and maintain positive relationships with commercial prospects? Download our guide, A Commercial Agent’s Perspective: 4 Tips to Connect with Clients, for insights from an experienced producer to put your best foot forward!
This is intended as a general description of certain types of insurance and services available to qualified customers. Your policy is the contract that specifically and fully describes your coverage. The description of the policy provisions gives a broad overview of coverages and does not revise or amend the policy.
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