Association Brings Insurance to The Forefront During Webinar

July 8th, 2019 by Emmariah Holcomb

A recent webinar hosted by the International Window Film Association (IWFA) shed light on an issue that also relates to door and window companies: the importance of insurance and the various types that are available to businesses. Raul F. Campa, of Grayhawk Insurance and Risk Management, presented on the topic. Campa has nearly two decades of related experience.

Insurance Types

The webinar began with a general definition of what insurance is, which might seem obvious, but often gets lost in day-to-day context. Campa explained that it’s a form of risk management—a promise, defense and transfer of risk.

“The International Risk Management Insurance Institute’s definition states: [insurance is] a contractual relationship that exists when one party [the insurer] for a consideration [the premium] agrees to reimburse another party [the insured] for loss of a specific subject [the risk] caused by designated contingencies [hazards or perils],” said Campa.

General Liability

According to Campa’s presentation, general liability insurance is provided by a third party and helps to protect businesses and their employees from bodily injury, property damage, libel, slander and many more types of lawsuits.

“An example of this insurance I often use is the classic slip and fall. Say a client or customer of yours comes into your business and walks on the exact carpet that you and everyone in your shop knows is prone to slide and the person falls, hurts themselves and proceeds to file a lawsuit against your company,” recalled Campa.

With this type of insurance, it’s important to note that premiums are calculated using “different factors,” he said. He mentioned that some classes of business are calculated using sales figures, while others could use payroll figures. Either can vary based on the insurance company your business employs.

Workers Compensation

Campa spent a good portion of his presentation focusing on the importance of having and understanding workers compensation. He mentioned the general definition that most have heard: “It’s something that provides medical benefits to employees that have work-related injuries.”

He said he finds it interesting that Texas is, “not legally required to have employers provide [workers compensation] coverage.”

According to Campa, along with providing coverage to your employees in the event of an accident there needs to be a strong safety culture in place. By building and setting safety expectations you can aid in reducing the amount of workplace accidents.

“If you set the stage early and have things posted that serve as reminders to your staff it gets everyone on the same page as far as safety is concerned. When it comes to insurance it’s better to be safe than sorry,” he explained.

The webinar concluded with a few photos of what not to do—safety-wise—on installation projects, before opening up to general questions. The overall goal of the webinar was to give insight on the importance of having and understanding the various types of insurance policies available, along with why they matter to industry businesses.

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