Did you realize that the benefits of a good compliance credit score can help you in many ways, including having a better chance for vendor credit, increased negotiating power, lower worker's comp rates, better employee retention, an absence of EPA/OSHA audits and fines and---get this---better insurance premiums? It's true.
Owning and operating a body shop is becoming more and more expensive every day as salaries increase, training and equipment become costlier than ever and cars become more technologically sophisticated and complex. Even if you haven't filed any insurance claims, insurance premiums still go up, and it becomes a never-ending cycle that can seriously affect your bottom line. There are so many things to spend your hard-earned money on, and shop insurance isn't likely at the top of that list.
But fear not, because there are several things that you can proactively pursue on a consistent basis that can help you improve the chances that your insurance increases won't outpace your ability to run your business. One of those extremely important factors is your compliance credit score, which you can get free of charge from a data analytics company called RecsLock at www.fg2.us. Every shop in the country has one and is constantly being monitored by a wide range of companies, including the car manufacturers and insurance companies.
George Avery worked for State Farm as an internal consultant for 31 years and was the chairman for the Collision Industry Conference (CIC) for two years. He is a highly respected public spokesperson for the collision repair industry that makes presentations at a large number of industry conferences, including the upcoming Collision Industry Electronic Commerce Association (CIECA) Symposium in Tampa, FL, Sept. 17--19.
He has extensive knowledge from both sides of the industry---insurance companies and collision repairers---because he grew up in the body shop world before working for State Farm. Avery sees multiple benefits for shops that can stay compliant and knows that insurers will value it on many levels.