Starting With the Contract
Senior Agent Jessica Gould began by reviewing the subcontractor agreement itself.
Before approaching another insurance market, she needed to understand exactly what the client was agreeing to and which insurance requirements had to be satisfied.
Jessica reviewed the required liability limits, endorsements and other insurance provisions, then worked through the markets available for a new line-work contractor.
That distinction matters with commercial insurance.
A carrier may be willing to insure a business without offering the limits, endorsements or policy terms required by a specific contract. In that situation, having a policy isn’t enough. The coverage still has to satisfy what the business has agreed to.
Jessica worked directly with underwriting to explain the risk, determine what could be offered and identify a carrier that was both willing to insure the new venture and able to provide the required coverage.
Coverage in Place Within 12 Days
Within 12 days of coming to Ricci Insurance Group, the client’s insurance was in place and the policy structure satisfied the requirements of the subcontractor agreement.
She was able to move forward with the work she had been trying to secure.
The client later shared:
“Jessica helped us get through so many obstacles while getting insurance for our company; she went above and beyond, and I will definitely be referring her to other people!”
In this case, insurance wasn’t simply another operating expense. It had become a barrier between the client and a business opportunity.
When Contract Requirements Make Business Insurance More Complicated
Contractual insurance requirements are common in construction, contracting and other industries where businesses perform work for larger companies or general contractors.
A contract may require higher general liability limits, commercial auto coverage, workers’ compensation, umbrella or excess liability, additional insured status, waivers of subrogation or other specific endorsements and policy provisions.
Not every insurance carrier offers every endorsement, and new ventures can face additional underwriting challenges because some commercial insurers require established operating or loss history.
That’s why reviewing the contract before placing coverage can be so important.
The question isn’t only:
Can this business get insurance? It’s also: Will the insurance program satisfy the requirements of the contract?
Those are two different questions, and the second one can directly affect whether a business is able to move forward with the work.
Commercial Insurance for Businesses With More Complex Needs
Ricci Insurance Group is an independent insurance agency based in Jacksonville, Florida, working with businesses throughout Florida and beyond.
Our commercial insurance team works with companies at different stages of growth, including businesses with multiple locations, vehicles, entities, contracts and lines of coverage.
Depending on the business, an insurance program may include general liability, commercial property, workers’ compensation, commercial auto, umbrella or excess liability and other specialized coverage.
Our role is to understand how the business operates, what needs to be protected, what contractual requirements apply and where potential coverage concerns need to be addressed. From there, we work with our network of carriers and insurance markets to determine the options available.
We’re also structured so commercial clients aren’t dependent on one person to manage everything. Producers and agents work alongside dedicated account management and agency support professionals to help manage the account after coverage is placed.
As a business grows, that structure matters. Revenue increases, contracts get larger, additional employees or vehicles are added, new locations open and exposures change. The insurance program needs to keep up.
A Difficult Requirement Doesn’t Always Mean the Opportunity Is Dead
By the time this client reached Ricci Insurance Group, six other agents had already been unable to place the required coverage.
Jessica took the time to understand the subcontractor agreement, identify exactly what had to be accomplished and work through the underwriting challenges until she found a carrier that could meet the client’s needs.
That’s the type of commercial insurance work our team is built to handle.
If your business is growing, taking on larger contracts or dealing with insurance requirements that have become more complicated, we’d be happy to take a look at your current program.
