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Employees Attend The Cincinnati Insurance Companies’ Contractor Risk Transfer Class

By September 9, 2022No Comments

Burns & Burns Insurance employees Alexis Burns, Carina Burns, and Jamie Knoch attended a class hosted by The Cincinnati Insurance Companies on September 1st, 2022. The continuing education class went deep into the ins and outs of construction contractors risk transfer and contracts. Alexis, Carina, and Jamie each earned 6 continuing education credits toward their yearly license requirements. They brought plenty of knowledge back to the agency to present to our other agents.

Some interesting facts that the three learned include the following. The lack of skilled labor remains the #1 risk to contractors. There are 4 different ways to manage risk, including risk reduction, risk retention, risk avoidance, and risk transfer. Risk transfer is the most common risk management tool used in construction contracts, where the party uses a contract to share the liability with others involved. The best practice when receiving a contract is to review with a lawyer before signing.

Burns & Burns is a 4th generation independent insurance agency with 9 branches across Northwestern Pennsylvania. These branches include Clarion, Bradford, Clearfield, Erie, Meadville, Mercer, New Wilmington, Tionesta, and Warren. The full-service agency celebrated their 80th anniversary in business in 2019. Representing over 60 insurance carriers, Burns & Burns is licensed to offer many lines of coverage, including auto, home, life, business, health, Medicare, workers’ compensation, bonds, benefits, pets, events, weddings AND MORE! With over 900 combined years of experience, Burns & Burns is sure to find you the right fit for your insurance needs! Visit their Facebook page or website for more information or a free quote!