Posts Tagged 'RIsk'

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Three Ways for Contractors to Mitigate Risk and Lower Insurance Premiums

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.

Risk Management in a 24-Hour Society

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.

Report Offers Intelligence on Managing Risk in The Construction Industry

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.

A Potential Gap in Indemnity Coverage

Commercial contracts in the construction industry generally contain indemnity provisions in which one party (the indemnitor) agrees to assume the liability of the other party (the indemnitee) as a result of personal injury or property damage. Historically, one party indemnifies the other regardless of fault—meaning the indemnitor assumes liability for all damage to its own property and people, regardless of who caused the damage. To the extent allowed under state law, this obligation also can include indemnity for damage caused by the sole negligence of the indemnitee.  

2017 Insurance Market Forecast

The insurance industry’s surplus is currently at an all-time high—increasing nearly 50 percent in the last seven years—which means rates have begun to decline. Although most underwriters are trying to hold the line on rate, it is anticipated that pricing on preferred accounts will continue its modest downward trend. 

Cutting Through the Complexity Of Strategic Risk Management

Considering its inherent complexity, enterprise-wide scope and financial significance, strategic risk is an executive-level issue at its core. It’s so vital that five of the world’s leading finance and accounting organizations developed a consortium to build an integrated framework for enterprise risk-related decision-making. 

Capitalize on the Most Valuable Data from Fleet Telematics

Whether operating dump trucks or pickup trucks, most companies with a fleet of more than 25 vehicles have at least entertained the idea of installing telematics devices to help reduce operational costs and improve safety. However, many companies are not realizing the potential risk-reduction benefit because they are not focused on the appropriate measures to improve driver behaviors, especially hard braking.

Trench Fatalities Doubled Last Year

Twenty-three workers were killed in trench collapses in 2016, according to OSHA, compared to 11 in 2015. Trench collapses are rarely survivable, as 1 cubic yard of soil can weigh up to 3,000 pounds.

It’s Time to Talk About Occupational Fraud

Safeguarding assets from fraud is an important objective for every company. It will take an all-hands-on-deck approach to be successful, and it starts at the top.  

Mitigate Risk by Managing Information

Modern building and infrastructure projects generate a lot of data, and it’s only going to keep growing. In 2004, a large project generated roughly 100 gigabytes of data; today, that stat has risen to 6.5 terabytes of data. Because building and infrastructure projects live and die by project information, many risks are associated with properly managing it. 

//to add proper spacing in between panes
 

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