Let’s Talk Insurance for HERS Raters
Incorrect insurance classification may be costing your HERS Rating business money.
Checking your SIC Code with your insurance agent could potentially save your business a lot of money. Insurance agents use Standard Industrial Classification (SIC) codes to classify a business into a specific industry and risk category. SIC Codes are used for ALL categories of Rater insurance: General Liability, Professional Liability, and Worker’s Compensation.
The Problem
Without knowing the correct SIC Code, insurance agents default to either their own assumption or the worst case scenario for risk. This is costing you more money.
Why?
Raters are being classified in the same insurance risk pool as HVAC Contractors, Home Inspectors, and Insulation Contractors. Some Raters need to be in those categories, but if you are only working as a Rater, being in the wrong classification can be quite expensive.
How to Fix It
Talk to your insurance company and specify SIC Code 87489904. This puts Raters in a category of consultants.
Savings
Personal testimonies from BER employees and clients have shown an annual savings between $800 and $1100.