Site Security - Beyond theft, unattended sites are exposed to equipment and property to damage and theft that can derail schedules if not promptly addressed. While theft is the one that most think of, it is also weather, fire, water damage and more. One of our clients have also taken steps to attach GPS devices on all vehicles and mobile equipment - has it helped them? Recent theft from a "secured" job site of a large skid steer from downtown Indy they were able to locate the equipment and the trailer it was hauled on three counties away in the woods. Insured and local police recovered the equipment with minimal delay to the job - while the thief now is in jail.
Weather / Storms - Do you have a contingency plan, the loss of materials ruined by strong winds and heavy downpours can mean months of delays. Builders Risk policy can help provide the funds - but to often we find that there is confusion on who it supposed to provide the Builders Risk - the contractor of the customer. Without the coverage a major weather loss close to the end of the project could mean there isn't funds to start over.
Rising Medical Costs - As the composition of the workforce continues to change, costs associated with employee injury rise significantly. Partnership with your Workers Compensation carrier can be structured to help minimize some of the costs. Your Experience Modification Report (EMR) issued by the State can also hurt your opportunities for certain jobs and more and more businesses will not allow contractors on a job if their EMR numbers is greater than 1.0. Talk with us about how you can control this number with the proper plan.
Crane Safety - While many smaller jobs don't require the use of large industrial cranes - failure to train workers in any crane operation that involves lifting of the smallest items can result in significant financial, human and reputation risks. Many Inland Marine agreements exclude the overturn/collapse of any crane operation - this coverage has to be endorsed back on the policy.
Skilled Labor Shortages - Rapid growth in the construction industry makes skilled and supervisory labor harder to find, affecting timeline and budgets. Finding good, young workers effects all businesses - not just the construction - but across the country there seems to be a very big shortage of those that are skilled in the trades. This puts more pressure on good businesses to find ways to retain and attract the best.
Contractual Risk - We are seeing more and more "unique" verbiage that contractors are signing to get work. Many times that are not even sure what they have signed, let alone if the contract that they have signed forces changes to their insurance and the costs associated with the changes to their insurance to comply with the new agreements. These ambiguous contract language could lead to disputes or litigation if a problem arises - have you talked with your insurance agent to make sure that your insurance you have meets all the requirements before you submit your bid?