MEETING OF LIKE MINDS
HUB ’ s presence in the marketplace and insurance industry , we ’ ll have a better opportunity to introduce the industry to the benefits produced by eliminating barriers – whether it ’ s helping small contractors or – looking back at the history of redlining , which clearly represented a huge and shortsighted loss of market opportunity – finding all the lowhanging fruit that gets missed when groups of people and businesses encounter higher barriers which prevent their full participation in the various sectors of our economy .
HUB ’ s voice in the industry will give us a megaphone that we haven ’ t previously had as a small firm . With a company the size and reach of HUB advancing ways to bring about more access and equity in resources and demonstrating the real business gains that come from empowering the previously underrepresented – that ’ s when you get a permanent industry paradigm shift .
CT : Yes , it ’ s important to point out that the work that MWIS has done and what Darren was referencing earlier is eliminating barriers for everyone who has not had a seat at the table . In some cases , it ’ s about race or gender or some other identifier , in other cases , it ’ s about class , and one cannot have a sustainable , thriving economy and business environment without everyone fully participating .
Ingrid : I think the insurance industry as a whole has not recognized the importance of small businesses – the most competitive insurance premium rates still go to the largest entities . Yet , small businesses make up the majority of businesses and create a greater percentage of the new jobs in our country . 1 So , to have 99 % of our businesses pay a disproportionally high rate for insurance not based on their actual risk profile or performance , but just due to their size , has a negative impact on everyone who procures their goods and services . As we ’ ve shown in the construction industry , these barriers and inequity actually limit all the additional business opportunities that could be realized by providing greater support to small business owners across multiple industries .
With HUB ’ s presence , we can start conversations about how to bring small businesses more into the mainstream in terms of how the insurance industry gives its consideration when it comes to assessing premium costs . Changing to a model that better supports the growth and success of small businesses makes a huge difference , especially when small businesses are competing in the public sector , when every dollar of added cost can make them non-competitive and can lead to losing potential contracts . Again , their lost opportunities actually translate to lost market opportunities for providers of insurance and other products and services , so it ’ s a lose-lose when , by shifting the model , it could just as easily be a win-win .
CT : Absolutely , and there ’ s the added bonus of customer loyalty . When you have helped a
SUMMER 2024 CONTRACTOR TOOLS - 13