General Contractor insurance eats up way too much of profits, and everyone would like to, and just want to drop it- right? Well, with American companies paying $62 billion per year for injuries in the workplace, it is definitely the reason for not doing that, as not many companies can afford it. The key is to find a way to pay less and get more, and with sites like contractorsliability.com, you can do precisely that, find and get the best insurance coverage at the lowest price.
One can find inspiration almost everywhere, and we can even learn a thing or two from the Marvel movie character, Hawkeye – a superhero with absolutely no superpowers, but still must know how to do things better than the rest of us, normals.
Marvel Insurance Lessons
That is why we gathered some lessons from Hawkeye that everyone can implement into their work to reduce the insurance expense.
1. Never Miss The Target
In the movies, Hawkeye is a perfect shot, never misses a target with his bow and arrow. Practice makes it perfect, and try to do the same with your work, and add more precision to it to maintain standards, and make the most of the things you have.
The National Safety Council states that companies can save 32 000 dollars per year by avoiding injuries that require medical attention. And although this sounds like something impossible to do, there are actually some precautions and things that we could all add to our workspace to make sure that injuries do not happen, or at least not happen in that amount.
If someone keeps the bar high on standards and safety, they will get better premiums from the insurance providers. The system they work upon is simple, and if there are no accidents and the insurance does not need to cover those expenses, every next year or when you are renewing it, you will get a much better price for it – a discount for not having accidents.
2. Partnership
Hawkeye’s partnership with Black Widow is something to aspire to, as they are both willing to sacrifice their life to recover the infinity stone at Vormir.
The takeaway here is that everyone must work with insured subcontractors. They play a very significant role in every contractor business, and one should always try to operate with the best of them, or at least with those who have the protection of their workers and equipment. There are many benefits to do this, as it will not only reduce the possible risk but also you will not have to carry the extra burden of adding them to the insurance policy.
3. The Power of Learning
In the movies, the character Hawkeye fights at par with the likes of Captain America, even without any special powers. How did he become so valuable?
The short answer is training, which, in terms of insurance, means that one should learn all there is about them, know them nitty-gritty.
How to know when you know enough? Well, if you can read the entire contract and know precisely what it says, what it means, and what is included or not – the coverage, that is enough. By being able to do so and understand what it says in the infamous fine print, you will avoid any possible surprises as some contracts do not cover what one may think they will. Every agreement should clearly state every significant detail, and there is no room for making assumptions with these deals.
4. A Whole Bundle
The character, Hawkeye, is the one who never got his own movie. He appears alongside other big names but never has a role that is solely about him, always the sidekick, never the hero.
Although many would think that this is because he is not that important, in reality, it actually does not necessarily have to be a bad thing. Insurance will work out cheaper for you if you work with bundles instead of single policies. There is a discount if one chooses to have all the possible insurance policies, especially if they are with the same provider.
Get tailor-made insurance cover for your business.
1. Manage the Employee Risks
To keep your insurance costs in check, one should always manage the employee risks. In the first Avengers movie, Loki brainwashes Hawkeye, and he ends up being used as a weapon.
It is an excellent example of how employees can bow to negative influences, which is not something no one would either recommend or want. Theft of property, intellectual or otherwise, can increase the insurable risk, which leads to a higher price for the same insurance package. Not to mention the time needed to replace all that is lost. That is why everyone should make sure that they have strict policies and background checks in place. All this could also help prove to the insurers that the company represents a less risky profile, consequently reducing the payments. Furthermore, it will significantly influence the reputation of the company, meaning that you will have more jobs as more people would like to hire you.
2. Get Adequate Cover
In Infinity War, Hawkeye’s entire family disappeared in a snap, which made him fall off the rails. The lesson here: in business, things can go very wrong, very quickly.
Make sure you are sufficiently covered or, otherwise, the potential loss will drown your business. Getting adequate cover for General Liability, loss of income, or Workers Compensation, among all other needs, is an essential thing to do in order to cover every aspect that can impact your finances.
Take the fact that, according to the Center for Construction Research and Training, construction industry injuries cost about $13 billion, and everyone should understand how meaningful insurance is. Overall, it is an even more reason to never skimp on insurance, as in the long run, you will lose much more. Always have in mind the sight of a wider picture.
Save the Day
Finally, although fictional characters may be the most unlikely source for General Contractor insurance lessons, applying these tips to your business will provide you with much wanted and significant savings. It is all about perspective and what one could gain in the long run while avoiding all the unwanted or unexpected costs along the way.
