Air Date: 12-14-2012| Episode: 267
Ever wondered how and why some firms get chosen to handle the large insurance claims?…
Ever wondered how and why some firms get chosen to handle the large insurance claims? Do you think you’re ready to handle large commercial and industrial insurance projects? Jim Thompson & Company has handled large commercial and industrial fire and water losses all over the US and Puerto Rico. If you think you’re ready to up the ante and compete against the big guns on large insurance claims; Jim offers to teach you how. Tune in to IAQradio Friday, December 14, 2012 at noon eastern time, when large loss veteran Jim Thompson shares some of his large loss secrets of success with Z-Man Cliff Zlotnik and the IAQradio listening audience
Bigger is better
Jim Thompson has handled large complex commercial and industrial insurance losses in 43 states and Puerto Rico. While many restoration contractors strive to get on the State Farm or Farmer’s Insurance list of preferred contractors, Jim Thompson wanted off the list. As Jim might say: “you might be a big time restoration contractor, when your semi truck emergency response vehicle gets stuck in a cul-de-sac.” Jim’s a hands-on guy, who abhors working in an office and prefers to lead from the front.
Nuggets mined from today’s episode:
•The need and importance to be passionate about what is important to you.
•Soul search. Know why you are in business .Know what do you want to do. Know where you want to do it?
•Follow your dreams, sets goals and visualize.
•Do market research. Identify the projects that you want to get, who is getting them now, how they are pricing the service, who are the decision makers?
•Get an education. Do your homework, learn everything there is to know about your industry, take courses, never stop learning.
•Pricing. Your service fee is a small fraction of the insurance carrier’s potential liability. Be upfront, transparent and honest in your pricing. Never give insurance adjusters second thoughts about your honesty and integrity.
•Gain trust by build a reputation for completing products on time and under budget.
•CIHs/IEPs provide a checks and balances system for property owners. Client hires a CIH. CIH prepares a scope, Jim prices the project. Jim’s company never took lab samples but rather hired people to take samples.
•Logistics. W hat do we need, who has it, how do we get it?
•On large commercial and industrial losses, getting the client back into business faster, better and less expensively are big selling points.
•Clerk of the works is a gatekeeper and nose counter hired by policyholder to confirm that the client gets what he is paying for on large losses.
•Avoid “let’s make a deal pricing” and “predatory intimidation pricing” after the project is complete by requesting that a CPA audit the bill and that the client use a “clerk of the works” to count noses. It’s recommended that Exhibit A of the contract be a price list and Exhibit B be the scope of work.
•What are the 3 factors most likely to influence the selection of a restoration contractor on a large project? Image, confidence and confidence.
•On consulting: determine client’s goals and then help them cut a path through the jungle. Keep expectations realistic, Jim gets clients to the next rung in their business development.
•Rental equipment now provides smaller firms the opportunity to compete with large firms on commercial and industrial loses.
•Getting paid. Request that a Clerk of the Works or better yet a CPA audit your invoices. Require interim payments.
•Citing exploding an X-Ray machine with dynamite in front of a big hotel on the Las Vegas strip as an example: there is a strong likelihood that the US and other countries will be attacked of with Nuclear, Biological or Chemical weapons. It is probable that restoration firms who had the necessary training and the professional connections would be utilized for the clean-up.
•Do whatever it takes to be sure that clients and contacts are satisfied, then ask for referrals.
•Build a business network and network with others.
•Our industry does make a big financial difference; consider the economic impact of putting thousands of workers back to work faster.
•Pricing abuses give the disaster restoration industry a bad name such as: charging for 135 skilled workers to pickup hurricane debris when laborers would do and 10 project managers to supervise them when only 1 should be needed.
I’ve known Jim Thompson for 31 years, and can attest that he truly is one of a kind.
Today’s Music: My Balloon by Nancy Sinatra
Z-Man signing off