Association Brings Insurance to The Forefront During Latest Webinar

June 12th, 2019 by Emmariah Holcomb

The International Window Film Association’s (IWFA) most recent seminar shed light on the importance of insurance and the variety of types available for all window film businesses. The association did this by bringing in Raul F. Campa, Grayhawk Insurance and Risk Management agent with nearly two decades of experience.

Insurance Types

The webinar began with a general definition of what insurance is. Campa stated it’s a form of risk management, a promise, defense, and a 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, this type of insurance is from a third party and helps protect businesses and its 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, its premiums are calculated using “different factors” according to Campa. 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 has.

Workers Compensation

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

“I find it interesting that Texas is not legally required to have employers provide [workers compensation] coverage,” Campa said.

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 in your business.

“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,” said Campa.

The webinar concluded with a few photos of what not to do, safety-wise on a window film installation project before opening up for general questions. The overall goal of this IWFA webinar was to give insight on the importance of having and understanding the various types of insurance policies available and why each matter to industry businesses.

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