What to Look For In Scrap Metal Recycling Insurance Agencies

Published by April 24, 2020 Category: Uncategorized

On a day to day basis, your scrap metal yard is bustling with activity. Truckers are traveling offsite to bring in materials. Employees are operating heavy equipment that sorts out the metals. Customers and vendors are streaming into your premises to drop off their scrap metal. The busy work site carries high-risk factors that necessitate proper insurance coverage to protect your customers, employees, and business. It is vital to work with experienced claim agencies that can offer services tailored to your unique business needs.

Covering Your Risks

Before heading out to search for an insurance company, you should understand your business’s risk tolerance. Assessing your risks helps you find the right scrap metal recycling insurance cover that will protect you from the dynamic nature of your recycling industry. Some of the risk factors include:

    • Fluctuating revenue.
    • Employee injuries.
    • Equipment breakdown and accidents.
    • Sudden change in environmental regulations and policies.

A proper understanding of your possible risks may help you prepare a comprehensive insurance submission for your agency. Your presentation may include an executive summary of your company’s risk management investments, such as safety plans for your workers. These efforts may help secure the best deal from your insurance agency.

How to Choose the Right Scrap Metal Recycling Insurance Company

The scrap metal business is unique due to its dynamic nature. Insurance programs should be specifically designed with your needs as a recycler in mind. Here are three questions that may guide you to find the right agency for you:

1. How Well Does the Insurer Know the Recycling Industry?

It is essential to work with claim professionals with a grasp of the inner workings of the recycling business. The company should have the requisite experience from visiting various facilities and learning the day-to-day operations of a scrapyard. Ask if they have handled other scrap metal recyclers as clients before. Find out what the clients think of the agency and their experience in handling claims.

2. How Quickly Do They Respond to a Claim?

Time is priceless in the recycling business. Any downtime or halting of the process may be detrimental to your business. For most industries, a 48-72 hour window for investigation and evidence collection is enough. Not for a scrap metal recycling facility. Choose an insurance team that can get to the site immediately and gathers the evidence required to analyze the claim. Avoid an agency not familiar with the necessity of prompt evaluation of claims in the recycling industry.

3. Do They Have the Expertise to Evaluate a Claim?

The full value of insurance cover resides on a simple promise: payment of a potentially substantial benefit in the event of a claim. For the fast-paced industry, an insurance agency should have a team of expert valuers that can quickly analyze the facts under the agency policy. The technical knowledge assists in the fast evaluation of your claim allowing you to return to the norm within no time.

In Conclusion

Finding the right insurance partner may help you get back on your feet after payment of a verified claim. It may also help protect your employees and other third parties if accidents do happen in the yard. If you need scrap metal recycling insurance, call TCE insurance services, and get a comprehensive risk assessment for your business.