Converting Risk Into Profit: How to Boost Your Bottom Line by 1-2%

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 industry9:28 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 [email protected]  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!