Image credit: Bannafarsai/shutterstock.com
Risk is everywhere. As a construction Owner, you have had to navigate your risks and exposures in the office and on the job site. Unfortunately, maybe some of those exposures have led to expensive losses and have forced you to reevaluate your risks. Luckily, when it comes to any type of risk, there are 4 basic methods on how to address your risk:
Image credit: all32/shutterstock.com
No matter what type of company you own, there will always be some sort of risk. Taking a risk is inevitable in order to bring your company to the next level. However, understanding the types of risk can be confusing. It’s important that you know what type of risk you’re taking or dealing with, so you can find the proper Risk Management solution. Here are the 3 basic categories of risk:
Topics: Construction Risk Management
Image credit: Daniel+Ferrer+Paez/shutterstock.com
As a construction Owner, no matter your company’s size, you are constantly taking risks. It’s part of your nature as an Entrepreneur. However, there are some risks that you can’t gamble on. These types of risks or exposures could include fires, vandalism, subcontractor delays, unidentified utilities found on a project site, design errors, site contaminations, equipment breakdown, injuries, and much more.
Topics: Construction Risk Management
Image credit: Evgeniy+Zhukov/shutterstock.com
Every construction project presents a host of potential risks that need to be addressed. Although it’s no guarantee that you can eliminate all of them; you can help manage them and de-risk your business. The best way to eliminate as much risk as possible is to have a Risk Management plan. Risk Management is the practice of identifying & analyzing loss exposures and taking steps to minimize the financial impact of the risks they impose.
Topics: Surety Bonding, Safety, Construction Risk Management, Construction Insurance
Image credit: karlstury/shutterstock.com
As the Insurance Hard Market continues, Carriers are reducing their appetite for risk. This means Carriers are not insuring:
Topics: Safety, Hard Market, Construction Trends
Image credit: Aunging/shutterstock.com
As your company’s insurance premiums start to renew, it’s important to understand that price increases are occurring because of the Insurance Hard Market. A variety of coverages are affected by this including General Liability, Excess Liability, and Builder’s Risk.
Topics: Safety, Hard Market, Construction Trends
Image credit: VITALII+BORKOVSKYI/shutterstock.com
As a Contractor, you are familiar with stiff competition, slim profit margins, and severe weather working conditions. One thing that you might not have been prepared for is the current Hard Insurance Market.
Topics: Hard Market, Construction Trends
Image credit: gorodenkoff/shutterstock.com
The National Association of Women in Construction (NAWIC) and Safe Site Check-In shared the results of a workforce survey. This survey consisted of over 700 women in construction and was conducted in early February 2021, over a variety of construction jobs and titles.
Topics: Surety Bonding, Contracts
Image credit: King+Climbers/shutterstock.com
There can be a myriad of problems when a Contractor cannot fulfill its contractual obligation in connection with a construction project. This puts the Owner in a position to suffer a financial loss. In addition, the Contractor’s subcontractors and material suppliers may not receive payment from the Contractor for labor performed or materials supplied.
Topics: Surety Bonding, Contracts
Image credit: Dragon+Images/shutterstock.com
Employment Practices Liability Insurance (EPLI) policies are taking the spotlight in regards to claims related to COVID-19. EPLI is a type of liability insurance that covers wrongful acts arising from the employment process. Examples of claims covered under such policies include:
