Managing Common Construction Industry Risks

Managing Common Construction Industry Risks

According to Occupational Safety and Health Administration (OSHA) statistics, each day more than 6 million people work in construction jobs at more than 250,000 sites nationwide.  There are more on-the-job fatalities in construction than in any other industry. Obviously, construction employers must have a comprehensive Orlando & Central Florida Contractor Insurance  to protect them in the event of a catastrophe. They also have an implicit duty to their employees to identify and mitigate risks to reduce the likelihood of accidents.

Steps You Can take to Reduce Risks

If you care about your employees, your reputation, and your bottom line, managing common construction industry risks on your job sites should be a top priority. Your team will take its cues directly from you. Risk reduction begins at the top.

Encourage a Culture of Safety and Responsibility

In some construction firms, safety takes a backseat to finishing a job on time – no matter what. Every business owner wants to meet deadlines whenever possible. Cutting corners and skimping on safety is never a good idea. You, your clients, and certainly your team will be better off in the long run as opposed making careless, dangerous mistakes.

Enlist Professional Help

Hiring risk-management consultants is an investment that will pay off over the long run. Risk-management consultants can:

  • Develop or review safety plans,
  • Assist with accident investigations to pinpoint what went wrong and how to keep it from happening again,
  • Educate the workforce on the company’s risk-management procedures and philosophy.

Thoroughly Vet Your Subcontractors

The phrase “You get what you pay for” is especially true when it comes to hiring subcontractors. Screen your subscontractors thoroughly to ensure they are experienced and trained to do the job you’re hiring them for. Be wary of those who claim to “do it all.” Instead, look for specialized subcontractors that have verifiable licensing and certification credentials. Additionally, consult their references and make sure they have worked on projects of the size and scope you are considering hiring them for. Last but not least, verify that your subcontractors’ worker’s comp coverage is sufficient and in force, and that your subs are bonded.

In the construction industry, your contractor’s insurance policy can save your business from financial ruin should an accident occur. If it has been awhile since you’ve had your contractor’s policy evaluated, do not hesitate to contact us at Newman Crane & Associates Insurance, (407) 859-3691. Every day you work without being certain your policy is sufficient is a huge risk.