The 5 Step Approach to Cyber Security

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As we move to a more digital world, cyber-attacks are becoming the norm. Luckily, there are a few different ways to safeguard your company’s systems, networks, and programs from digital attacks. One of the most popular ways to protect your company is to integrate the National Institute of Standards and Technology (NIST) Cybersecurity Framework. This approach highlights 5 core functions that can be implemented.

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Topics: Construction Commercial Insurance, Cyber

Mid-Year Financial Planning Check-In

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With the middle of the year and the end of the 2nd Quarter quickly approaching, as a construction firm Owner, make sure you are reviewing your financial statements. The best way for your construction company to grow is to have a clear picture of your finances.

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Topics: Surety Bonding, Construction Risk Management

3 Ways to Master Your Construction Company's Financial Health

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When it comes to growing your construction company, we often associate success with money. The more money we make, the more successful our company. One of the most important things you can do as a business owner is master your financial health. When you have a clear picture of your finances, you’re able to identify your company’s strengths or weaknesses.

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Topics: Surety Bonding, Construction Risk Management

Diminish Mental Health Stigma in the Construction Workplace

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Misunderstandings about mental health have led to a negative stigma about it. This stigma has prevented employees from obtaining the proper care they need. As an Employer, providing a good mental health benefits package to your employees is crucial. It demonstrates that your company encourages your employees to seek the treatment they need. In doing so, Employees who take care of their mental health are more likely to have increased levels of productivity. If Employees don’t prioritize their mental health in the workplace, it can lead to increased accidents, claims, disability, workplace violence, etc.

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Topics: Employee Benefits

Why Construction Companies Need Cyber Insurance

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In 2020, the insurance industry not only dealt with the Hard Market but also faced a lot of new challenges. One of the most prominent ones being, Cyber incidents. The Property & Casualty (P&C) Insurance Carriers that wrote Cyber Insurance last year, reported higher claims in 2020 than prior years.

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Topics: Cyber, Hard Market, Construction Trends

What Should My Insurance Broker Be Doing for Me?

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As in any healthy, productive personal relationship, both partners must be active participants working towards a common goal(s). If one partner is passive and unengaged, it will be detrimental to the relationship as a whole. The same goes for your business relationships. The business relationships that bring the most value are those where both parties are proactively contributing – in good times and in the bad times.

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Topics: Surety Bonding, Hard Market, Construction Insurance

4 Methods On How To Manage Construction Risk

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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:

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Topics: TSIB Community, Construction Risk Management

The 3 Basic Categories of Risk

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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:

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Topics: Construction Risk Management

What is Risk Management?

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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. 

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Topics: Construction Risk Management

Risk Management: Minimize Your Company’s Risk & Avoid Future Claims

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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.

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Topics: Surety Bonding, Safety, Construction Risk Management, Construction Insurance