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Have you wondered why your construction company is paying $X for your insurance premium while another firm is paying $Y? An insurance premium is the amount you pay your insurer for your insurance policy. An insurance company will use a variety of factors to determine how much to charge their insureds for their premiums. Let’s take a look at a few basic factors that affect your insurance premium.
Topics: Construction Risk Management
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With your insurance program’s term coming to an end, you might be starting to think about your upcoming renewal. It might seem easier to stick with the status quo and renew the same program, with the same Broker. However, before you do that, check out our 5 steps to implementing a proper construction insurance program.
Topics: Construction Risk Management
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In this ever-changing climate, it is critical to be prepared ahead of time for events like liability claims, major accidents, community crises, environmental hazards, and negative media attention.
Topics: Safety, Construction Risk Management
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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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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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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 5 basic methods on how to address your 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:
Topics: Construction 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.
Topics: Construction Risk Management
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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.
Topics: Surety Bonding, Safety, Construction Risk Management, Construction Insurance
