The construction industry is no stranger to challenges. Amid fluctuating material costs, labor shortages, and regulatory changes, a significant pain point for construction business owners, specifically crane and rigging operations, has been the rising cost of insurance. But what if your insurance program could be more than just a line item in your budget? At Kapnick Insurance Group, we believe your insurance should be a strategic tool to help manage risk, ensure compliance, and achieve financial stability.
Here’s how Kapnick’s expertise and tailored solutions can empower crane and rigging business owners to stay ahead, even in a complex and increasingly expensive insurance market.
Why Insurance Costs Are Rising in Construction
Several factors drive the increase in insurance premiums for the construction industry, including rising claims costs, more stringent regulatory requirements, and higher accident frequencies. Natural disasters, supply chain inefficiencies, and expanding project scopes add to the risks, further pushing premiums upward. That’s where Kapnick comes in.
We don’t just provide insurance—we offer customized solutions to help your business mitigate risks, control costs, and build a solid foundation for growth.
Proactive Risk Solutions
Insurance is more than just coverage; it’s about effectively managing the risks inherent in construction. Kapnick provides comprehensive claims management to address incidents efficiently and minimize disruptions to your operations.
Our tailored risk solutions include resources and tools for safety training, compliance checks, and more. For example, if your business operates haulers or heavy transportation equipment, we emphasize transportation compliance to protect workers, lower risks, and mitigate costs.
With Kapnick by your side, you’ll turn insurance challenges into opportunities to improve safety, decrease accident rates, and potentially lower premiums over time.
The Best of a Deductible Program
One way to manage rising costs is through deductible programs, which provide both cost control and predictable cash flow benefits. Kapnick’s deductible coverage options include General Liability, Workers’ Compensation, Auto Liability, Physical Damage, and Riggers’ Liability.
Here’s why deductible programs are a smart choice for crane and rigging business owners:
- Upfront Premium Savings – Reduce your premium costs from the outset.
- Cash Flow Advantages – Deductibles allow greater flexibility in managing your financial resources.
- Known Collateral Obligations – Predictability in collateral commitments, including clarity on when collateral funds will be returned.
With a deductible program, you keep more control of your cash flow while managing potential insurance claims efficiently and effectively.
The Best of an Alternative Risk Program
Kapnick’s access to Alternative Risk Programs, empower crane and rigging businesses to take charge of their insurance expenses by sharing risks with like-minded industry leaders in the program.
Key benefits of Alternative Risk Program include:
- Shared Risk, No Downside – Group members share underwriting profit and investment income, with zero downside.
- Stable Premiums – Pricing volatility is reduced as premiums are performance-based within the shared risk layer.
- Guaranteed Financial Returns – Participants enjoy a guaranteed 3.75% return on their investment income.
- Collaborative Learning Opportunities – Bi-annual meetings foster networking and an “iron sharpens iron” approach, where best practices are shared to encourage safer, more profitable operations.
Other features include transparent in-house claims expertise, guaranteed tail quotes after the three-year accounting cycle, and a suite of risk management tools like subsidy programs. Together, these benefits give construction businesses significant control over their insurance destiny.
Strategic Risk Management for the Future
At Kapnick, we understand that rising insurance costs are a concern for any construction business’s bottom line. That’s why our solutions go beyond coverage to create a proactive, cost-effective approach to managing risk and maintaining compliance.
By leveraging tools like our deductible and alternative risk programs, along with expert claims management and compliance support, Kapnick helps crane and rigging businesses not only mitigate challenges but thrive in a competitive marketplace.
Take Control of Your Insurance Today
We’re here to help you take the uncertainty out of insurance in the construction industry. Contact us today to learn how Kapnick’s tailored risk solutions can keep you protected and profitable.
