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Community Practice Feature: Our commitment to specialization

posted by TrueNorth Companies on Tuesday, October 1, 2024

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All organizations carry unique risk and the construction industry is no exception. Between jobsite hazards, regulatory challenges, and exposures that vary from project to project, many construction companies struggle to find success without the proper resources and support.

Despite the risk, local construction companies, Ken-Way Excavating and Twenty40 Concepts, are playing vital roles in community revitalization and expansion. With no shortage of multimillion-dollar projects in the pipeline, these companies have had to rework their understanding of insurance to maintain their competitive edge and protect their people – elevating it from a necessary line-item expense to a partnership they can leverage to overcome complexity, scale operations and secure meaningful opportunities.

Leading with industry acumen to build a safe work culture

In the construction industry, safety incidents and experience modification “mod” rates can spell the difference between won and lost business. A local business employing local people, Charlie Fisher, president of Ken-Way Excavating knows the stakes are high. “These rates are very important to us, especially with the clientele we serve,” says Fisher. “It can be used as a scale to dictate whether you get through the front gate. If that is in jeopardy, it can shut things down for you, as far as opportunities go.”

Few contractors realize that the right insurance relationship can help businesses like Ken-Way’s maintain or improve their mod rates and win business – it all comes down to specialization. By focusing on specific industry verticals, TrueNorth’s construction specialists routinely help businesses identify, mitigate and transfer risk that could easily threaten company assets and weaken their balance sheets.

“For us, it’s important – quite honestly, critical to find an insurance partner that understands the industry well enough to help us strike a balance between sufficient and excessive coverage,” says Fisher. Logging more than five times the annual education requirement for Iowa insurance agents, TrueNorth’s team leverages industry insight to match each organization’s unique risk with the appropriate coverage.

"Armed with the right coverage, Ken-Way has more time to prioritize safety. “It’s just another area where we feel TrueNorth brings value,” he says. “I love knowing our engagement includes working with specialists. It means we have access to the safety content we need to be doing appropriate trainings and staying current with the latest protocols.”

By partnering with TrueNorth safety professionals on compliance, training and worker engagement, Ken-Way has taken steps to ensure safety is reflected in their work culture. “We’ve found it changes the way our guys think.” Fisher notes. “Doing business with people that care enough to make sure our business is correctly covered and we’re not paying for unnecessary coverage leaves us feeling confident.”

With more than 50 years of experience, Ken-Way Excavating has been a trusted name for area businesses and residents, offering services from general excavation, industrial maintenance, demolition and pipe bursting to septic installation and sanitary sewer replacement.

Adopting innovative solutions to scale success with Twenty40 Concepts

Often juggling many projects at once, local development companies like Twenty40 Concepts are routinely tasked with doing all they can to fulfill plans, meet deadlines and keep projects within budget. Chad Pelley, P.E., who leads development operations for the group, credits TrueNorth with providing his team valuable peace of mind in the midst of competing projects and priorities.

“Their team tucks me into bed at night,” jokes Pelley. “I sleep well knowing that we’re periodically meeting all of our insurance needs.” Conducting routine reviews and coverage updates based on the group’s dynamic portfolio of work ensures the team has adequate protection to take on new projects and expand their local presence.

With a professional background in engineering, Pelley also appreciates TrueNorth’s problem-solving approach, pointing most recently to the firm’s ability to consolidate builder’s risk for the group’s various projects: “having one blanket of coverage instead of what would feel like 1,000 policies to independently manage is just so convenient for us,” says Pelley. “Managing to that magnitude would be nearly impossible.”

Beyond insurance, Pelley appreciates TrueNorth’s philanthropic spirit and commitment to reinvesting in the local community. He believes this insight and guidance will continue to play a pivotal role in their company’s future. “Our company leads with benevolence,” says Pelley. “I love knowing we have that in common and are doing all we can to show this community love and support.”

With landmark projects in development like Rookwood Estates in Marion and Fulton Lofts in the Newbo neighborhood of Cedar Rapids in various stages of development, consolidating risk is critical to each venture’s outcome and long-term success. “I don’t ever worry about insurance because of the care and attention TrueNorth gives to our company,” says Pelley. “They’re saving us time and giving us peace of mind. I can’t place a dollar amount on that.”

TrueNorth has spent the last twenty-plus years creating partnerships, building industry acumen and engineering solutions that extend beyond the insurance policy. Learn how we can help your business address risk and align solutions to find success.

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This article was reposted from thegazette.com, click here to view the original article.

About Kenway Excavating:

Based in Walford, Iowa and backed by over 50 years of experience, Ken-Way Excavating, Inc. provides general excavation, industrial maintenance services, and underground utility services such as water installation, septic installation, sanitary sewer replacement and more. Available round the clock, Ken-Way Excavating is ready to answer the call to any need requiring excavation services. Learn more at www.kenwayex.com.

About Twenty40 Building Concepts:

Twenty40 Building Concepts takes pride in being a forward-thinking construction and development company. As an Energy Star certified builder, they prioritize quality and efficiency. They are committed to implementing green practices, sourcing products from sustainable vendors and minimizing their environmental impact. Additionally, the integration of smart home automation technology in their developments, homes and projects further enhances the group’s commitment to excellence. Learn more at www.twenty40concepts.com.