For construction supervisors, managing risk comes with the territory. In some instances, the risk associated with project delays and liquidated damages may make some supervisors or construction managers skimp on safety training. Continue »
Prevailing business wisdom holds that the way to reduce credit risk is to limit credit lines, be stingy in allowing credit and freeze orders on past due accounts. This line of thought posits that it is generally impossible to lower “bad debt” losses without adverse consequences to sales and business expansion. Read The Full Story »
Whether it be hurricanes, typhoons, cyclones or another type of windstorm – contractors never know when they’ll hit. When the worst happens, small business owners can be in a world of hurt. Continue »
What if someone walked onto a construction job site, through any number of access points, and no one questioned his presence on the site? Unfortunately, this happens frequently on many construction sites. Continue »
Construction Executive asked top executives at leading sureties and insurance companies specializing in construction for advice and insights on:
- What do contractors need to know about additional insured coverage when obtaining insurance?
- If there is a burst of construction activity under the Trump administration, what advice can you offer to contractors that might overextend?
- What insights can you offer as the practice of contractors purchasing surety bonds directly becomes more common?
- What are the benefits of the surety bonding prequalification process and how can contractors prepare for it?
In 1971 Disney World opened and the 26th Amendment lowered the voting age to 18. Also in 1971, the U.S. Department of Labor set standards to limit worker exposure to silica and the Occupational Safety and Health Administration (OSHA) was established. Continue »
There are some well-established practices employers can perform to effectively manage their workers’ compensation costs. Continue »
Businesses worldwide lose five percent of revenue each year due to occupational fraud committed by their very own employees, according to the Association of Certified Fraud Examiners’ Global Fraud Study for 2016. Continue »
Construction site security is a major challenge for many businesses. The lack of proper jobsite security can lead to a wide variety of property losses, which cost the insurance and construction industries approximately $1 billion annually. Continue »
In the “here today, gone tomorrow” society of rapid-fire change, employees are the foundational bricks necessary for building a long-lasting, consistent commitment to safety. Continue »
When most teams embark on a new construction project, one of the first considerations is usually not insurance. Some view insurance as a necessary evil; others view insurance as a critical piece of their comprehensive plan to manage and allocate risk. Continue »
State laws often require contractors to obtain a license bond and/or contract-specific bonds, as well as workers’ compensation and liability insurance. The difference between contractors bonding and insurance is not always clear. Continue »
The number “6” can have many connotations. It can be the number of players a hockey team puts on the ice during a game, it’s how many eggs in a half-dozen container, or it’s how many points a touchdown is worth. Continue »