Are you a contractor that’s looking to work with insurance companies? Partnering with an insurance company can help bring your business more work. However, there’s a process that you need to follow in order to become a preferred contractor for insurance companies like Boyd Insurance Brokerage Inc. in Spokane, Washington.
Benefits of Becoming a Preferred Contractor
If you’re looking for more work in your industry, becoming a preferred contractor for an insurance company may help you.
- It gives you the opportunity to get consistent referrals for work from the insurance company.
- The work is often straightforward and outlined in the claim document.
- The work often pays well.
- You’ll get the opportunity to rapidly build your company’s reputation.
- Once you’ve built your reputation, you may be able to get on the lists of multiple insurance companies.
Know the Types of Contractors that Insurance Companies Use
The first step is to identify the types of contractors that insurance companies might use. You can do this by looking at the types of insurance the company provides. Most insurance companies offer home and auto insurance as well as a variety of business insurance policies. At Boyd Insurance Brokerage Inc., we also offer snowmobile insurance, boat insurance, motorcycle insurance and RV insurance. This means that if you’re a contractor that performs car, boat, RV, motorcycle or snowmobile repairs, you could possibly become a preferred contractor. This is in addition to companies that perform repairs and restorations on homes and businesses. If you’re not sure if you could become a preferred contractor for an insurance company, you can always email or call them to find out which contractors they need.
How to Become a Preferred Contractor for Local Insurance Companies
The first step to becoming a preferred contractor is to build up your business’ experience, portfolio, and reputation. You’ll also want to have a valid contractor’s license and be registered with the state.
Getting Ready to Become a Preferred Contractor
Make sure you’re ready to become a preferred contractor. You’ll want to have the right degrees, training and experience. The insurance company will ask to see your credentials. They’ll also want to make sure that you are properly insured, and they’ll ask for references and pictures of previous jobs in order to ensure you perform quality work.
Be Prepared to Negotiate
Be prepared to negotiate with the insurance carrier on the rates for various types of work. Companies that partner with insurance carriers often negotiate the rates for certain jobs. This could mean that the price the insurance company pays for your work is lower than your standard rates. However, many companies agree to this because they have more work, which equals more revenue.
Make Sure You Understand the Process
Ask for documents on the process of performing insured work for an insurance carrier. You’ll need to understand the claims process as well as how much and when you can expect to get paid. Many preferred contractors have entire departments dedicated to handling work that was performed in accordance with an insurance claim. These departments understand the required paperwork, how to work with insurance adjusters and overseeing the entire claims process.
Make Sure Your Business Practices Are Stellar
Once you get onto an insurance provider’s list of preferred contractors, make sure you provide great services. When you accept jobs from insurance companies, it’s not just your reputation that’s important. You are also a vendor for the insurance company, and for both you and the insurance company to make a good impression, your business must be reliable. Make sure you respond quickly to all potential leads. When you’re performing the work, make sure it meets or exceeds the customer’s expectations. This will help ensure that you get more referrals from the insurance company.
Keep Your Training and Knowledge Up-To-Date
In order to provide the best services, you’ll need to take the time to keep your knowledge and skills current. This means regularly attending seminars and conferences in your field and keeping up with all the current industries, trends, rules, and regulations.
Boyd Insurance Brokerage Inc. In Spokane, Washington
Being a preferred contractor for an insurance company can be very lucrative for a variety of contractors. Insurance companies are always looking for businesses that can reliably repair and restore homes and vehicles. However, before you apply, make sure you’re properly insured and registered with the state. At Boyd Insurance Brokerage Inc., we not only have a list of preferred contractors, we also offer business insurance. We offer general liability insurance, commercial property insurance, contractors insurance and commercial vehicle insurance.
To learn more about our commercial insurance policies and how to get on our preferred contractors’ list, give us a call today at 509-340-2693.
