Hi. My name’s Adam Mignano and I’m a Risk Management Consultant at Rue Insurance. How many of you have had a large audit bill only to be told by your agent, “Hey, you had a good year”? Does that make you feel better about paying more insurance premium? And how do you know that that number is even accurate? These are just a few comments I encounter when speaking with contractors for the first time.
Insurance audits can be an incredibly frustrating process, but they don’t have to be. The benefits of working with me, a construction specialist, is that the process for my client starts before the policy is written and continues with the mid-year payroll projection. The process actually finishes with me sitting alongside you and presenting the auditor with a completed audit package. This process results in fewer surprises, easier cash flow and happier clients.
Another benefit of working with a construction specialist is that insurance policies have many options for construction operations. In eight of my last ten policy reviews, the contractors that are working with a generalist agent, I have found payroll misclassifications, incorrect fringe benefit deductions, and misconstruction credits. These are costing contractors significant dollars. In fact, I encountered a business whose policy had so many issues that I was able to help them recover over $90,000 of overpaid premium.
Audit assistance is just one of the many benefits that a construction specialist is able to offer you–to put money back in your pocket and protect your business. If you’re looking for a construction focused agent, call me and find out what it means to “Be Ready with Rue.”
