From the category archives: Business

Business

Executive Insights

Nine experts offer advice on what contractors need to know about obtaining additional insured coverage, how to keep from overextending in the potential burst of construction activity under the Trump administration, insights on contractors purchasing surety bonds directly, trends in owner expectations for design-build projects and the benefits of the surety bonding prequalification process. 

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. 

Tracking Fuel to the Piece of Construction Equipment

Heavy highway construction is equipment intensive, and along with that comes the use of a lot of fuel. Considering fuel’s variable and high cost, it’s logical to track it closely, yet many heavy highway companies fail to do so. Is a specific loader using more fuel than it should? Is an employee filling up his personal car as he leaves the yard at the end of the day? Proper fuel tracking can answer these questions and many more. 

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.

Beyond the Bank: Manage Cash Flow with Equipment Financing

Equipment is the backbone of business across industries—imagine a moving company without a truck, a bakery without an oven or a demolition contractor without a bulldozer—but purchasing equipment out of pocket is expensive. The significant upfront cost of a dump truck, HVAC or security system, or commercial refrigeration unit can have a severe, negative effect on cash flow, particularly for companies in early growth stages or those looking to expand. 

Where the Heart Is

  From the outside, the headquarters of hth companies, inc., Union, Mo., looks like a humble construction office—a two-story, tan-colored structure, set back a bit from a country road, with trucks parked outside, a side entrance for the warehouse, an awning bearing the company logo and a light dusting of snow on the front stoop.

But peek inside—where a warm welcome reveals the heart and soul of the company—and it’s evident why Associated Builders and Contractors (ABC) selected this family-owned mechanical contracting firm at its 2016 Contractor of the Year. The award is about the employees and their sincere dedication to the betterment of the construction industry. 

Survey Underscores Expected HVACR Business Growth

  Eighty-six percent of 1,400 global HVACR manufacturers surveyed by ASHRAE Journal at AHR Expo expect their sales to grow in the coming year. When asked to rate 2017 business prospects, 98 percent indicated a positive outlook. Additionally, 86 percent of HVACR manufacturers said they expected their business to increase in 2017, and 57 percent indicated their sales had increased from 2015 to 2016.

Building a Relationship-Based Career

  When Brooke Wenger started at Triad Engineering, Inc., Hagerstown, Md., as a marketing coordinator nearly a decade ago, she was terrified of going to networking events. She let nerves and the fear of not knowing anyone get to her, not to mention the idea of having to talk in front of a crowd. 

Today, as Triad Engineering’s more seasoned director of business development, Wenger spends the vast majority of her time out of the office attending meetings and events, serving on committees, following up on project leads and building relationships with potential business partners.

 

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