AI and How It Can Be Used in The Construction Industry


Image credit: shutterstock.com/g/kelvn

AI, or Artificial Intelligence, is a form of technology that is built to mirror the human mind. AI is focused on taking basic human functions such as the abilities to learn, reason, communicate, and process information to form intelligent and efficient responses in a timely manner.

Read More

Topics: Construction Risk Management, Construction Trends

What To Look for When Choosing the Right HVAC Contractor

Image credit: shutterstock.com/g/urbans

Trying to find the right HVAC contractor for your commercial or residential needs can sometimes be a very stressful process. There are many contractors out there that might seem to be a good fit for you, when in reality, might not actually be.

Read More

Topics: Construction Risk Management

The Global Insurance Resilience Gap

Image credit: shutterstock.com/g/Chaisiri+tiawsiri

The popularity around utilizing resilience as a risk management tool is growing. Resilience can be defined as reducing the impact of a disturbance. When facing natural catastrophes, insurance is an important technique that is used to help us rebuild. Resilience is the ability to “bounce back.”

Read More

Topics: Construction Risk Management

Is Crisis Management a Part of your Risk Management Plan?

Image credit: shutterstock.com/88studio

Risk Management is the practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact of the risk they impose. Your company can face internal risks and external risks.  Examples of internal risk include HR/Labor relations, contractual risk, and succession planning.  External risks include regulation changes, competition, and legislation changes, just to name a few.

Read More

Topics: Safety, Construction Risk Management

Wage & Hour Coverage: The Hidden Costs of Overtime Pay

Image credit: mohdizzuanroslan/shutterstock.com

One way to identify risks for your company is to look at the insurance industry and what areas they have identified as threats. These are referred to as Emerging Risks and these days, there are plenty of them!

Read More

Topics: Claims, Construction Risk Management

What Is a Risk Retention Group?

Image credit: Portrait Image Asia/Shutterstock

Due to the 1985 hard insurance market, Congress passed the Liability Risk Retention Act of 1986. The act allowed the authorization to purchase group insurance programs for specific liability exposures. This made it much easier for members of a particular group or industry to establish alternative risk financing alternatives, such as Captives, SIR’s, and Risk Retention Groups (RRGs).

Read More

Topics: Construction Risk Management, Alternative Risk Financing

What You Need to Know About Self-Insurance Programs

Image credit: King+Climbers/Shutterstock

When it comes to risk financing for Contractors, there are a variety of methods that can be used to fund “hazard” losses. From Large Deductible Programs to Captive Insurance Programs, and more. One method for Contractors might want to consider is a Self-insurance Program. Before you do, here are 6 facts of what you need to know:

Read More

Topics: Construction Risk Management

The Process to De-Risking Your Business

Image credit: Somchai+Sanvongchaiya/Shutterstock

The goal of having a Risk Management Plan in place is to minimize your company’s risk. This protects you, your company, and your employees.

Read More

Topics: Construction Risk Management

Risk Management Benefits

Image credit: Bannafarsai/Shutterstock

Implementing a sound Risk Management program for your construction firm is necessary. Protecting your Business Risks, Strategic Risks, Financial Risks, and Hazard Risks is crucial to creating longevity for your company. When you have a solid Risk Management program, not only are you providing your company with the best protection possible, but you are actively caring for your employee as well.

Read More

Topics: Construction Risk Management