Lights. Camera. Action. Gotcha!

Learn about using affordable technology to mitigate loss to trade contractors.

Read some practical suggestions that may benefit your trade contracting business.

Perception and greed. Intriguing movie themes, as well as real life motivators. With that in mind, this blog rolls out three hypothetical takes focused on a particular aspect of the daily operation of a trade contracting business.

Start by visualizing a routine day, a busy day, and a chaotic day in your trade contracting business. Picture different scenes, such as a wrong turn, a stolen credit card, or unsecured equipment, and potential cascading effects. Whether or not any of the three hypothetical scenarios below resonates or registers with you as “already happened”, each one is reasonably possible. While insurance coverage is a must for your financial protection, there are affordable and easy-to-apply technologies that trade contractors may utilize to prevent or mitigate further loss.

Take 1:

• Scenario. A company vehicle that includes the name, logo, and contact information of your trade contracting business is involved in a traffic accident. The general public, prone to perceive a branded vehicle involved in a crash as being attached to a “deep pocket”, may place your trade contracting business at a disadvantage in terms of fault finding and jury awards.

• Suggestions. Auto accidents occur, even if everyone who drives the company vehicle does everything right. A practical, cost-effective measure is the installation of vehicle camera(s) that continuously record(s) activity while the vehicle is in operation. Footage lowers investigative expenses, which impact your business’ auto insurance liability loss history. If recorded video captures other driver(s) at fault, the loss payout from your business’ auto liability policy will likely be reduced, or possibly be zero.

Take 2:

• Scenario. After a hectic day of work, you or an employee stop at the local supply store to purchase materials needed for the next morning’s job. Pressed for time, the company credit card is stuffed in a pocket. While searching for the car key, the credit card is unwittingly dropped. A thief finds the dropped credit card and begins a wild spending spree.

• Suggestions. To prevent or deter fraud, take action before your company credit card is lost or stolen. Set up a notification procedure with your credit card company that sends text messages to your cell phone when unusual and/or large amounts of charges are occurring. If you receive notification(s), contact your credit card company immediately and place a hold or stop on card usage.

Take 3:

• Scenario. An employee is working late on an outdoor construction project. As the employee is beginning to pack up tools and equipment, he receives an emergency personal phone call. Tired and distracted, the employee leaves the site without safely packing up all the tools and equipment. The next morning the employee arrives at the construction site and finds several tools and equipment are gone.

• Suggestions. While your trade contractor business property insurance policy would respond to the loss, as the owner or manager, you should keep track of all assets. Maintain and update both a written and photographic inventory of all the business’ tools and equipment.  Larger items may include serial numbers, so be sure to document those. List and update all vehicles, their descriptions, VIN #s, and license plate numbers.  Detailed documentation helps law enforcement recovery efforts and facilitates the return of stolen items to you, if they are found.

Richey-Barrett Insurance is a Trusted Choice Independent Insurance Agency experienced in placing insurance for a variety of trade contracting businesses.