Jul 27, 2021
Construction is risky. Insurance is one tool in a contractor’s toolkit to help manage that risk. Savvy construction companies understand that purchasing insurance based solely on price is a losing strategy. They know that it is vital to establish long term relationships with insurance providers, and they focus on actively mitigating risk on every project. This holistic approach enables them to turn risk into profit.
In this week’s podcast episode, I’m with Mike Heffernan, EVP of Alliant Insurance Services, an industry veteran with decades of experience. We cover three major topics:
- the biggest mistakes made by construction companies purchasing insurance,
- the biggest mistake insurance companies make when selling insurance services to construction companies,
- and how you can turn risk into profit.
Contractors who are curious about boosting their bottom lines will benefit from listening to this episode. You’ll learn and benefit a lot from the wealth of information here. Tune in to this today!
Discussion Points:
0:00 Introduction
2:23
Biggest mistake contractors make
when they are purchasing
insurance
3:37 Mike explains the comparison between contractor
A and contractor B
5:34
How insurance carriers price their
premium
6:14 Why contractors struggle with a particular
mindset
7:30 Partnering as an increasing trend in the
construction industry
9:28 Significant
savings
10:20 What’s the biggest mistake that insurance
brokers make when selling to
contractors?
13:04 Mindset contractors should have to convert risk
into profit
16:11 The purpose of
insurance
18:16 Practical scenario of turning risk into
profit
21:12 Other things contractors can focus on to
increase the profit number
23:19
Mitigation
25:41
How contractors who do it best
communicate the safety culture in terms of
rhythm
26:58 Purchasing insurance based solely on price is a
bad strategy
30:20 Mike shares about the services he provides for
construction companies
About the Guest:
Mike Heffernan is an Executive Vice President of Alliant Construction Services Group and is directly responsible for the Construction and Real Estate platform for Alliant Insurance Services Northern California property and casualty broking and client fulfillment operations. Mr. Heffernan has over 25 years’ experience in the design, marketing, implementation and management of some of the largest real estate development projects throughout the country.
Resources:
- Download the slides here https://www.constructiongenius.com/riskintoprofit
- Reach out to Mike Heffernan through email mheffernan@alliant.com
- You can also use a direct Line to reach Mike - 408 352 6701
- Check out Alliant Construction www.alliant.com/construction
- Follow Mike on LinkedIn https://www.linkedin.com/in/mikeheffernanprofile/
Do Your Project Executives Need to Become Better Leaders?
- Book a 10-minute call with Eric Anderton (https://10minutes.youcanbook.me/)
Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to the Construction Genius: A Leadership Master-Class Podcast on Apple Podcasts, Spotify, and Stitcher.
Thank you for tuning in!