Risky Business

SPRAY FOAM MAGAZINE – Securing the right insurance coverage is not only important, but also imperative for any spray foam company. Whether you’re a contractor, supplier, or manufacturer, the insurance process can be daunting, and critical details can easily slip through the cracks. By comprehensively understanding the various types of insurance available, company owners and contractors can confidently protect themselves against potential losses and liabilities.

So, which company can effectively steer a spray foam business in the right direction? When it comes to something as vital as insurance, it’s an advantage to work with advisors who have profound expertise in the industry, a range of insurance products, and an understanding of multiple guidelines. Spray Foam Magazine engaged with risk advisor Adam Martin, who leads the insulation division at HM Advisors.

Founded in 1947, HM Advisors began as a small independent insurance agency in Warner Robins, Georgia. Now under the ownership of Josh Gurley and Andrew Dearing, the firm has transformed into a respected full-service insurance and financial services broker, boasting a second office in Florence, South Carolina. Proud of its small-town origins, HM Advisors brings its southern hospitality to clients across the nation, now licensed in 36 states and actively expanding its team.

HM Advisors excels at delivering personal, business, and employee benefits insurance, using a process specifically engineered to help clients manage their risks effectively. Insurance is merely one component of a systematic approach. Adam Martin expertly guides spray foam clients on how to navigate insurance procurement after thoroughly evaluating all other risk transfer and retention options. “HM Advisors first manages risk, and then brokers insurance. We focus on identifying and developing middle-market businesses, and proactively anticipate our clients’ future needs,” asserts Adam. Unlike captive or direct insurance companies that push proprietary products, HM Advisors serves as a fully independent agency.

Their distinctive strategy, known as the HM Advantage, sets them apart. The HM Advisors Process involves four steps:

Step 1: Discovery

– This initial call is designed to provide potential clients with a clear understanding of HM Advisors’ unique approach, compared to ordinary brokers. It also allows the advisor to gather crucial information about the company, ensuring a mutual fit.

Step 2: Risk Review

– In this phase, HM Advisors deploy a PLAN (Potential Loss Assessment Navigator) to conduct a thorough examination of potential risks that could qualify the company for better insurance rates. They leave no stone unturned, scrutinizing any risks that may have gone unnoticed in previous insurance coverage. For instance, they will assess critical factors such as DOT (Department of Transportation) compliance, OSHA regulations, HR, training onboarding processes, and subcontractors' contractual risk transfer.

Step 3: Strategy phase

– Once needs are identified, the advisor crafts a customized strategy tailored to the client based on insights garnered from the Risk Review. For a spray foam business, this could encompass solutions for DOT regulation compliance, OSHA 300 logs, and other essential needs specific to spray foam operators. After finalizing details, the strategy is promptly presented to the client.

Step 4: Action

– With everything agreed upon, HM Advisors takes decisive action to implement the strategy. This comprehensive process provides clients with much more than basic insurance. By meticulously analyzing the company and its requirements, HM Advisors also effectively mitigates potential risks.

Since joining the ICAA (Insulation Contractors Association of America) four years ago, Adam Martin and his team have collaborated with numerous spray foam companies, including Profoam Corporation, a recognized leader in spray foam and equipment supply. With over twenty years of experience, Profoam's founder Ted Medford said, “I first met HM Advisors at an insulation industry conference in Dallas, TX in the fall of 2023. I was intrigued by their approach to business insurance as a consultant or advisor as opposed to the typical sales only approach. After a few follow up discussions, I asked HM Advisors to review my current company policies to see if I have the appropriate level of protection for myself and my businesses. The process was very thorough, and no stones were left unturned when determining if I had the proper insurance coverage.”

During the process, HM Advisors discovered that the insurance coverage Ted and his team had for decades, with multiple insurance providers, didn't provide them with the type of coverage they needed, and in many cases, they were severely under insured. Ted goes on to say, “We were able to add coverage for things we needed and didn't have, increase coverage in areas that we were underinsured and save tens of thousands of dollars annually at the same time. I highly recommend HM Advisors to anyone in the insulation industry. If you haven't orchestrated a complete insurance audit, you owe it to yourself and your business to have HM Advisors come in and do a deep dive into your current insurance plans. I was shocked to find how poor our previous insurance coverage was, and I was very relieved to finally get the coverage I truly needed while saving major money at the same time.”

HM Advisors takes its responsibilities seriously and is committed to protecting its clients at every turn. If you lead a spray foam company and are interested in better managing risk and reducing cost, contact risk advisor Adam Martin at amartin@hm-advisors.com.

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