Tag Archive Construction

Manage Construction Risks

How To Properly Manage Construction Risks

Construction sites pose the risk of serious injury to workers. Heavy machinery and sharp tools with moving parts are some of the components that cause concern to builders. Because of these risks inherent in the work, it’s critical for the construction business owner to be aware of the many situations that pose risks and cause roadblocks. This not only protects their business but also protects their workers from harm.

Risk Management in the Construction Business

Managing risks in construction helps the business owner control the issues that can delay or derail a project. Some of the most common risks include:

  • Safety Concerns– The top concern for construction companies centers on workplace injuries.
  • Cost Factors– Often, unexpected costs can arise while working on a project.
  • Weather-related Issues – Natural disasters, such as floods and strong winds, can easily derail a project.
  • Legal Risks– Contracting disputes and liability risks often arise during a job.
  • Delay Concerns– Management issues and breaks in the supply chain can seriously hamper a project from being completed on time.

Once risks are identified, a plan to mitigate each risk must be developed. It’s wise to focus on the most severe and highest-probability issues first, and train all employees on best practices.

Managing risks helps the construction business owner stay in control even when unexpected events occur.

Contractors Insurance

The Advantages of Contractors Insurance

If you own a business, there is always the possibility of incurring devastating financial debts from work-related accidents. Because of this, it is vital that you adequately protect your business. This is where contractors insurance comes in.

What is Covered by Contractors Insurance?

This type of insurance generally covers business liability exposures. Examples of these are injuries or damage to someone’s property caused by your business. Additionally, contractors insurance can provide coverage for your business’s vehicles and your employees.

Who Needs Contractors Insurance?

If you are a contractor, a subcontractor, or an independent tradesman, you need contractors insurance. Not only does contractors insurance provide protection for your business, but it also is often required by employers before you can start working for them. Some of the trades that need contractors insurance are:

  • Construction
  • Plumber
  • Carpenter
  • Electrician
  • Landscaper
  • Painter
  • Handyman
  • Pressure Washer

What is The Cost of Contractors Insurance?

Contractors insurance generally doesn’t have a set price that applies across the board. Rates can differ depending on a variety of different things. The biggest deciding factor in the cost is the amount of risk you are exposed to. For example, someone that works on high-up roofs will have to pay more than someone who is an HVAC technician.

Running a business can be hard and risky. Having the right kind of contractors insurance can make all the difference.