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If you happen to be a contractor who does work in New York (NY), Labor Law is a major factor in your insurance costs. The law puts absolute liability on the contractor, and it is almost impossible to defend. As a result, we're seeing more Carriers pull out of the NY marketplace, and less available underwriting capacity than ever before. Underwriting capacity means that if last year a Carrier was able to write $1,000,000 in new business premium, this year, they may be only allowed to write $700,000 in coverage.

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As Wrap-Up Programs continue to become more popular, chances are, you have already found yourself enrolled in one. Make sure you have spoken to your Broker and removed the General Liability Wrap-Up Exclusion via endorsement on a blanket or project-specific basis.

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Managing your company’s cash flow is extremely important. Unforeseen problems will arise, but if you have a proper cash flow management system in place, your company will be better equipped to handle any issues that may arise. Here are some cash flow solutions that your construction company can implement:

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You’ve heard the saying, cash is king? Well, it really is. Managing your cash flow is key to your success in the construction industry. As a Contractor, your cash flow flexibility is critical to your business. When you look at your company’s cash flow, you can gauge how much money you are able to spend at any given time.

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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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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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Accidents happen. Sometimes no matter how safe your company is, a claim can occur. It’s important that as an Owner/General Contractor your team knows what they need to do prior to any accident. Make sure you have clearly identified who will be responsible for completing the incident report if an accident were to occur (i.e. a Supervisor, etc.).