The larger the project, the greater the risk – that much is a given. The importance of risk management, however, remains the same no matter how great or small the project. Although each comes with its own unique risks, large-scale infrastructure construction projects are particularly distinctive.

Public Influence

A large infrastructure project is likely to take place in close proximity to the general public and this poses many risks. In some cases, such as road resurfacing or constructing new sections of highway, construction must be staggered to allow for continued public use of the area.

As well as working in close proximity to the public, the risks extend to what happens when you are not working. If your site is in a public area, or easily accessible by public roads, extra security measures may need to be employed to protect the site between shifts. Public liability on large infrastructure construction projects is vitally important.

Last summer, the Supreme Court ruled that states can choose not to expand their Medicaid programs to cover more low-income people.

The commercial property-casualty marketplace is holding steady thus far in 2013. The market is in a positive, rate increase environment. It evolved to this point throughout 4Q11 and 2012 and in general terms is holding at a 5-7% rate increase in commercial lines. Investment yields continue to decline while catastrophe-related results worsen for insurers, so it is quite likely that rate increases will continue in 2013. Insurers are also facing challenges on certain lines of coverage notably workers’ compensation. Overstated reserves from prior years have been released which tends to temporarily help earnings, and with medical inflation eroding workers’ compensation loss ratios underwriters will focus on pricing integrity and risk selection. Employers with hazardous workers’ compensation exposures and claims experience will see the highest rate increases.

Meanwhile, insurers have the surplus to grow. Rate actions, while positive, are not enough to allow the industry to cover its cost of capital. Thus, underwriters will continue to look at developing market share which will create competition as the economy continues its fight to fully emerge from the recession.

This month marks the third anniversary of the Patient Protection and Affordable Care Act becoming law.

Consumers have gained access to many new benefits under the law including free preventive services, new rights to appeal insurers' decisions, drug discounts for seniors on Medicare, and tax credits for small businesses.

Yet the biggest

Our President & CEO, Tim Leman, recently wrote in his executive blog about the terrific news Gibson received a few weeks ago being named a Best Places to Work in Indiana firm. We had applied for this distinction twice before and were not successful either time. Why did we succeed this year when we had failed twice in the same endeavor?

When we talk about risk management and risk assessment, the focus is often on the big issues. But it’s not the only way to look at risk assessment. When you’re working to identify every potential risk, you sometimes need to think outside the box. Well, in this case, inside the box.

Every individual product, from food to electronics, encounters risks throughout its lifespan. As the product passes through production lines, across borders, and through the hands of numerous organizations, it encounters a wide array of risks. By applying a risk assessment to the product itself, rather than the individual businesses involved we can get a unique view.

According to a recent survey by Pew Research, approximately 45% of adults own a smartphone in the US.  Replacing a broken smartphone, or purchasing insurance through the phone carrier to cover a loss, can be very costly.

One of the many components of the Patient Protection and Affordable Care Act (PPACA aka Health Care Reform) is each state must decide if they will implement the Medicaid expansion. The goal is to expand coverage to state residents that aren’t covered by or eligible for one of the many programs currently offered.

Indiana already has several program options in place, including the Healthy Indiana Plan (HIP), but eligibility can be complicated and varies based on the individual program guidelines. There is much disagreement between parties as to which program is the most cost-effective for the state and how to provide the coverage needed by over 400,000 low-income Hoosiers.

There are certain tools that are required for every risk management plan. Whether you work in construction or manage a busy office, there will be many factors that are the same. Every risk management plan requires safety equipment, training, and insurance.

There’s a simple rule in safety procedure that sticks in most people’s minds. Before you use any piece of equipment, you check it to make sure everything is working correctly. Then, when you’re done, you check it again. Once you’ve done that and you’re ready to move on to another risk management step, you check it again.

This may sound like overkill but it is necessary, especially when that equipment is designed to save your life. In construction risk management, you can never be too careful. The risks are too great to leave anything to chance.

Falltech & Construction Risk Management