Logging is a dangerous industry, and as such, it should come as no surprise that the best logging companies carry a wide variety of insurance policies. However, having so much insurance—and especially with high limits that can cover serious damage—does not come cheap. How much is logging insurance, anyway? Logging insurance can be costly, but there is no reason to pay more than you need to.
Here’s what you should know about where you can save the most with logging insurance without negatively impacting your overall coverage quality.
Ensuring the Highest Risks Are Covered
Of course, the purpose of insurance is to keep your business insulated from costly repairs, damages, and losses during work. Thus, one of the best ways to save money over the long term is to properly invest in policies that cover your areas of highest risk.
This might seem counterintuitive—after all, you probably have to pay a decent amount for such coverage, which you might end up never using. However, a careful strategy will help you identify the areas where coverage is critical. Just one expensive logging mishap that’s not covered by insurance can more than wipe out any savings you’ve accrued over years of sticking with a less comprehensive policy. Keep your risky areas covered so that you don’t face the brunt of expenses in the event of a claim.
Bundling Where Possible
Most insurance companies offer reduced rates if you use them for more than one type of policy, and logging insurance is no exception. If you need general liability coverage, see if you can add other critical policies like equipment, pollution, workers’ compensation and more, all with the same agency.
In many cases, bundling insurance policies in this way leads to a reduced rate fee. Of course, be sure to do your research about the quality of each policy that you are entrusting to the insurer; sometimes, the money saved by bundling is actually a greater risk if the policy does not adequately cover you when something goes wrong.
Reducing Your Risk Profile
One of the most impactful ways to save money with logging insurance is to make yourself less risky to insure. Costs go up when an insurer anticipates that it will need to pay out for claims, so you can bring that cost down by making your logging operation safer. This might include choosing to specialize in certain logging work with fewer injuries or hiring loggers with years of experience.
In most commercial insurance policies, risk will be calculated based on factors such as the skill of your worker base, your business’s history of past claims, whether you carry proper licensing, whether you pursue continued education, and more. Some of these things are an unavoidable part of your past, but others can be changed and updated to make yourself easier—and thus less expensive—to insure.
Implement Strategies That Appeal to Insurers
When you make yourself a less risky client, you can also implement strategies that are directly appealing to insurance agencies. This makes it easier for you to become insured and indicates that you will not be prone to making repeated claims. One of the simplest ways to do this is by incorporating training to keep employees abreast of the latest logging standards.
Additionally, you can sometimes reduce the cost of your workers’ compensation insurance specifically by implementing a documented safety plan. This shows the insurer that you are focused on preventing injuries and limiting your company’s chances of using workers’ comp coverage.
Similarly, return-to-work programs show insurers that you are committed to getting employees back to duties as soon as possible, even if that means employees return to work part-time. Creating a detailed road map to help employees get back on their feet and back to work is a positive sign for insurers that could help you save money on your logging insurance and related coverage.
Trust the Pros to Help You Secure Affordable, Reliable Logging Insurance
How much is logging insurance anyway? To best answer that, consider that logging insurance is not just one singular policy; instead, it is a mixture of coverages made up of multiple types of insurance.
By understanding what logging insurers look for, you can take steps to reduce the overall cost of your policies and secure more savings while keeping your business adequately protected. The experts at Burton & Company can help you to identify the coverage you need while helping you to avoid unnecessary expenses and policies. Reach out to learn more or to schedule an appointment to get started.