Issue link: http://palletcentral.uberflip.com/i/713205
palletcentral.com PalletCentral • July-August 2016 33 Why can't my current agent find one carrier to handle all of my needs? Most agents and brokers know very little about this industry, and so the carriers that do write policies for lumber and logging are not comfortable working with them. These specialty carriers prefer to work with agents that have the experience and clientele to guarantee a smooth policy writing process. Look for an insurance company that works with carriers who insure the entire operation, and others who have a specific part of the puzzle. What will be the best for you will depend on the specifics of your wood products business. For some companies, pricing can be better when splitting coverage between a few carriers. Why are worker's compensation rates for lumber operations so much higher than other businesses? Lumber and logging rank in the top 5 for number and severity of worker's compensation injuries. These statistics drive the price of premiums up significantly. Safety programs can help your rates significantly. Rates for wood products operations are also driven by your classification. But are you classified correctly? Both worker's compensation rates and other insurance rates can vary depending on the specifics of your wood products operation and what it encompasses. Many companies can be classified incorrectly and end up paying a great deal extra in premiums. Why do so few carriers write lumber insurance policies? Many carriers don't understand the unique risks associated with these operations. It's simply easier for them to decline writing policies rather than learn about the industry. Having a good relationship with the insurance provider helps carriers to provide an array of coverage for various wood products customers. Frequently Asked Questions about Insurance for Wood Products Operations