Using a trustworthy CRM made for the construction industry can actually impact your insurance liability in ways you may not realize. Projects of all sizes can be affected by poor risk management, which impacts insurance premiums over time, increasing the amount you pay to do the same work.
Enhanced Risk Management
A CRM like Bidtracer, that was made for the construction industry, will provide enhanced risk management due to being able to house and track detailed records of customer interactions, dates and actions within each project phase, and product source details that typically remain in the inboxes of engineers and on the local devices of internal finance and project management roles. Without an integrated CRM in place for all this information, no one can obtain a complete, current and accurate view of their client activities across all projects, leaving them at risk for claims that can’t be refuted with data.
Improved Customer Service
There’s no way to remember every aspect of client and project history without a CRM. Contractors and manufacturers can provide better customer service by tracking each detail of customer feedback and tech support resolutions. Setting a high standard for the way your clients are treated, you can use your CRM to automate processes that follow up on outstanding needs reducing the risk of missed steps, billings, errors, and more. This can reduce the likelihood of disputes or litigation, which insurers consider when setting premiums. Less billing or delay claims, less insurance costs.
Operational Efficiency
Bidtracer streamlines business operations by automating tasks and improving communication. Efficient operations can lead to fewer errors and accidents, thereby reducing the risk profile of the contractor. It’s important to keep a field safety rating below 1. When field techs are using outdated systems, logging into multiple applications, and saving information directly to their devices or using their email inbox as a makeshift CRM, the information is insecure and typically lost forever. It’s also unsafe, because just one important lost laptop with insecure access to data can cost more than an injury claim.
Compliance and Documentation
The legal landscape is not lined with scenic trees unfortunately. You know as a contractor what is required for you to protect sensitive data on behalf of your clients. Or do you? Ensure total information protection and reduce liability, and therefore claims and premium increases, in every phase of the project from engineering to close out. Bidtracer can help ensure that contractors are compliant with current regulations by keeping financial records and documents in a secure dashboard.
Fraud Prevention
With comprehensive data management, lower fraud risk can lead to lower premiums. Lower fraud risk, and passing of internal risk audit testing that may be conducted on your business will leverage your earning of a lower general business liability insurance rate. You can prove that your business is safer and more secure in every way, which is a big leverage to you in this area of adjustable rates.
Employee Training
Bidtracer provides insights into employee performance, showing their areas of use and activity within the software. Transparent processes, personalized user training, and our live chat support leads to better-trained employees, which are less likely to make costly mistakes or engage in risky behavior, lowering insurance premiums.
Customer Retention and Loyalty
By improving customer relationships and retention, contractors can maintain a more stable and predictable revenue stream. Insurers often view stable businesses and contract duration with the same entities as lower risk, which can translate to lower premiums. “Longevity” and “stability” is perception based, and all contractors have leverage to negotiate lower premiums in these scenarios as well, having the resources to prove retention rate, number of projects, growth projections, and current contracts in just a few clicks.
Save money (and your reputation) with Bidtracer
While the direct impact of a construction industry CRM on insurance premiums may not always be immediately visible, the overall improvement in business operations, risk management, and customer satisfaction can contribute to a more favorable risk assessment by insurers, leading to lower premiums over time. This is just one of hundreds of ways Bidtracer makes a positive impact on the bottom line.
