Many business executives believe insurance brokers have control over the quotes they provide, but that’s not the case. Insurance carriers control the price, and they provide the best rates to companies that proactively manage their risk. The less risky a contractor appears, the fewer claims it’s likely to have and the “safer” the company looks. Therefore, the lower the premium they are likely to get.
Here are three ways general contractors can mitigate risk and make their companies more desirable to insurance carriers.
"M. Davis & Sons is a fifth generation construction company that builds, installs and maintains corporate plants and facilities for national and international companies. M. Davis began as a tinsmith shop in 1870 and has evolved into a company that services Fortune 500 companies.
Our mission statement says it all: To provide quality services to our clients while providing satisfaction, security and a safe workplace for our team. At the end of the day, we want our team members to return to their families."
In June 2016, as part of Speaker Paul Ryan’s “Better Way” initiative, the House Ways and Means Committee rolled out its “Blueprint” for tax reform. This broad overview outlined Republicans’ talking points for the campaign trail and the anticipated showdown with the Clinton White House, if not a Democratic Senate majority.
After a false start with the ill-fated Camp Draft, expectations were tempered for legislative action. The topline items read as a veritable wish list of pro-growth provisions that were hailed by tax coalitions and trade groups alike. The tradeoffs were largely ignored, with any prospective pushback muted by dismal electoral expectations. After an initial burst of coverage, the Blueprint receded as Congress left town, leaving all eyes trained on an increasingly surreal presidential race.
If you’re expecting another article about breaking through the concrete ceiling or why women need to keep up the fight, prepare to be disappointed. While it’s necessary to appreciate all the women who have paved the way in the construction industry and the workforce overall, it’s not a good idea for today’s female leaders to focus on the struggle.
A positive emphasis on the power women already possess makes better business sense. Several recent studies indicate that increasing the number of women in executive leadership and board roles can increase profitability. One report from Grant Thorton LLP suggests that male-only boards in the United States, United Kingdom and India are incurring an opportunity cost, measured in lower returns, of a whopping $655 billion.
Nobody wants a jobsite incident to occur, but how a contractor responds to a worst case scenario is part of what separates it on the safety spectrum.
Fisher Contracting Company, Midland, Mich., which performs civil infrastructure projects across Michigan, Kentucky and Tennessee, can attest. On a job last year, a scaffold wall bracket failed, causing an employee to fall to a lower level and suffer rib injuries. Upon review, Fisher Contracting determined the relatively new employee didn’t feel comfortable mentioning he was unsatisfied with the condition of the rented scaffold equipment.
Builders and developers can’t escape scrutiny when confronted with government investigations, workplace accidents, dissatisfied customers and employee complaints.
Reputation in the construction field is a crucial business quality. It’s paramount to ensure a sufficient risk management strategy is in place, and enhanced media exposure means non-traditional risk management actions are needed to prepare for and respond to challenges.
It has been a long time since the words “growth” and “retail” have been used in the same sentence in construction circles. In fact, for more than five years, commercial construction has either risen (or fallen) due to the indirect challenges of weak consumer spending, as well as changes in where, when, how and on what consumers spend their hard-earned dollars.
Now, the numbers are showing that retail construction is enjoying a renaissance as consumers loosen the purse strings and regain confidence in the economy. And while department store closings remain the Achilles’ heel for malls, according to JLL, a financial and professional services firm that specializes in commercial real estate services and investment management, there appears to be ample demand for the new use of that space.
Zero Energy School Accelerator program to develop zero energy designs that are cost-competitive for construction in the education sector and in local communities across the nation.
The Trump administration has compiled a preliminary list of 50 high-priority “emergency and national security” infrastructure projects valued at more than $137 billion and has solicited the nation’s governors for input.
A new SmartMarket Report from Dodge Data & Analytics, “Managing Risk in the Construction Industry,” reveals essential intelligence on the risks faced by building owners, general contractors and trade contractors and the benefits achieved from specific risk evaluation and mitigation practices.
The study demonstrates how collaboration between building owners, general contractors and subcontractors can aid in keeping construction project costs under control, result in a timely delivery and enhance the safety environment.