Peabody, MA -- (ReleaseWire) -- 07/17/2023 --For mainstream retail or traditional market companies, the need to protect property, equipment, inventory and personnel is obvious and straightforward. These industries are typically easier to insure, and policy writing is more straightforward. Niche markets, on the other hand, face unique challenges based on the work they do. Industries such as transportation, towing, waste, recycling, energy, utilities, construction and even crane & rigging have a host of special concerns that can make underwriting complex. Their industries may not be housed in brick-and-mortar retail outlets, but their stakes are just as high. Arguably, these businesses have an even greater need for top-notch safety and loss prevention programs. Industry leader eMaxx provides both.
How important is safety insurance in niche markets? The significance cannot be overstated. In the towing industry, for example, safety and insurance are inextricably linked. By prioritizing risk management, companies can improve driver behavior over time, build employee morale, keep operators safe on the road and protect and maintain equipment. eMaxx provides some of the most innovative programs in the business, with a knowledgeable team of experts who are up to date on federal, state and local transportation regulations and motor carrier enforcement protocol. Moreover, because they are a tech-enabled company, eMaxx implements state-of-the-art technology to mitigate risk. From telematics to online training, certification, incentive programs and digital fleet management tools, these offerings can prevent injury and death. Moreover, they save money and increase underwriting profitability. Ultimately, they can save a business and help it flourish.
Loss prevention is equally important as safety programs in niche industries. After all, loss is shrinkage for any company. What is loss prevention? Simply stated, it encompasses all measures a company takes to control and reduce hazards Losses can be direct (e.g., accident or fire) or indirect (interruption of business). In niche markets, the risks often loom larger than in traditional settings. Construction companies, for instance, face daily worries of theft, vandalism and damage to high-value, hard-to-replace equipment and tools ranging from trailers to trucks, rigs, cranes, bulldozers, pavers, front-end loaders, storage units, sheds, officer trailers and more. In the waste and recycling market, The Institute of Scrap Recycling Industries has even set up an early-warning system for companies to help them search for stolen metal. Clearly no niche industry is immune to loss.
Locating an expert loss prevention group makes fiduciary sense. A recent McKinsey report finds that costs per claim are soaring, with a roughly $30 billion increase in recent years. Financial risk drives up premium costs, but proactive strategies can counter these trends.
Crafting the right policy is a layered process that involves a commitment to safety and loss prevention. eMaxx believes in tailor-made partnerships, not one-size-fits-all products. Contact their experienced team today to learn more.