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There are a few insurance policies industry experts say are beneficial for glass and glazing companies to have. Of them, auto liability, general liability and workers compensation should be the main options needed, as stated in a recent webinar given by Raul F. Campa.
Campa is a Grayhawk Insurance and Risk Management agent with nearly two decades of experience. The main goal of the webinar was to educate industry professionals on the importance of having and understanding the options available for insurance. The webinar was sponsored by the International Window Film Association (IWFA).
Campa began by defining insurance.
“The International Risk Management Insurance Institute’s definition states: [insurance is] a contractual relationship that exists when one party [the insurer] for a consideration [the premium] agrees to reimburse another party [the insured] for loss of a specific subject [the risk] caused by designated contingencies [hazards or perils],” said Campa.
Auto Coverage
He also mentioned early on that auto liability insurance covers any bodily injuries or property damage that results from an accident.
“I recommend this type of insurance for any business that has a company vehicle its staff uses…,” said Campa.
Campa also said he’s noticed a 10-20% increase in auto insurance premiums over the past few years. He mentioned it could be because more drivers “just aren’t as attentive to the road as they use to be.”
“Now it’s not uncommon to see someone on their phone, eating or just not focusing while they’re driving. Can you imagine what that could mean for glass businesses?” Campa asked.
Throughout his presentation he also highlighted general liability and workers compensation insurance.
General Liability
According to Campa’s presentation, this type of insurance is from a third party and helps protect businesses and its employees from bodily injury, property damage, libel, slander and many more types of lawsuits.
“An example of this insurance I often use is the classic slip and fall. Say a client or customer of yours comes into your business and walks on the exact carpet that you and everyone in your shop knows is prone to slide, and the person falls, hurts themselves and proceeds to file a lawsuit against your company,” said Campa.
Workers Compensation
Aside from the benefits of having business automotive coverage, Campa spoke on the importance of having and understanding workers compensation. He mentioned the general definition that most in the business have heard: “it’s something that provides medical benefits to employees who have work-related injuries.”
“I find it interesting that Texas is not legally required to have employers provide [workers compensation] coverage,” Campa said.
According to Campa, along with providing coverage to employees in the event of an accident, there needs to be a strong safety culture in place. By building and setting safety expectations companies can aid in reducing the amount of workplace accidents.
“If you set the stage early and have things posted that serve as reminders to your staff, it gets everyone on the same page as far as safety is concerned. When it comes to insurance it’s better to be safe than sorry,” said Campa.
The webinar’s overall goal was to give insight on the importance of having and understanding the various types of insurance policies available and why each matter to industry businesses.
