From the category archives: Business

Business

Techniques to Maximize SDI Coverage and Streamline the Claim Process

SDI policies are viable risk transfer options that offer many benefits. Many of the drawbacks related to the claim process can be eliminated through advanced policy language negotiation, especially for larger policy purchasers, which will be perceived by the carrier as repeat customers. Drawbacks that cannot be negotiated can be minimized by employing preparation, organization and diligence, as well as competent legal counsel. 

2016 Insurance Market Forecast

While it’s important to understand the economics of the insurance industry, there is nothing a business can do to positively affect it. In the long run, the only way to reduce the cost of risk is to reduce the frequency and severity of claims that drive the cost. An effective risk control program and a partnership with the right broker who can thoughtfully present a company’s program to the insurance marketplace is the key to lowering costs. 

How do you make sure priorities set at the executive level are disseminated, understood and acted upon throughout the organization?

  The goal deployment process drives accountability and ownership. Our objectives are tied to significant and measurable results. This strategy drives alignment across the company and focuses everyone on key objectives and projects that move the needle versus daily firefighting. 

Executive Insights

  Insurance experts discuss bonding capacity, subcontractor prequalification, captives, credit insurance, trends impacting middle-market contractors and what to bring to an initial meeting for establishing a bond limit.

Partnering With Distributors for Efficiency

Contractors don’t need to look far to find organizations that specialize in moving materials. Distributors and suppliers, and even manufacturers, can be considered part of the food chain. 

Surviving the Recovery

Understanding costs, running a lean operation, avoiding onerous contractual obligations and focusing on the bottom line rather than the top line are the keys to success. 

Construction Executive Launches Professional Education Webinar Series

Upcoming free webinars include: The Survival Guide for Project Managers (March 9); Navigating Your Journey to Lean (March 16); Top 10 Critical Processes to Automate (March 22 ); and ELD Is Here: Is Your Fleet Prepared? (April 27).

Scorecard Identifies How State Policies Impact Business Growth

Arizona, Louisiana and Virginia earned high-performing grades in Associated Builders and Contractors’ (ABC) new “Merit Shop Scorecard” for creating an environment where merit shop contractors are well positioned to succeed. Conversely, New Mexico, Alaska and New York received poor overall rankings by earning a D or F grade.

Technology Helps Address Working Capital Challenges

The combination of payment delays and uncertain timing creates cash flow and working capital challenges that can limit subcontractors’ growth and create financial strain. Technology has a role to play in solving this problem by helping fundamentally alter the flow of funds in construction payments to address subcontractors’ working capital woes.

What Are Some of the Lessons You’ve Learned From Expanding Your Business Into a New Geographical Area?

Three key lessons we have learned are the value of relationships, the importance of understanding the local market and that our objective for being in the new market must be clear.

 

Heartfelt Giving at Its Finest
As a member of the Jacksonville Beach, Fla., community for the past 11 years...

2017 Tech Predictions
When Star Trek™ debuted 50 years ago, who would have thought the technology...

A Diverse Workforce, Built on Merit
In this spotlight on entrepreneurship and diversity, Construction Executive...

Rigging Supplies: New Model Speeds Delivery and Selection
Frequently, purchasing rigging equipment is left to the last minute, either...

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