You would not sign a contract without reading it first. And this means a lot of reading if you are a contractor. So, how are you managing this review process? Do you understand all the implications a contract could have on the future of your business?

Most companies will say they review all contracts with the help of their attorney. This is the optimal path, but we need to throw a wrinkle in it. When was the last time you involved your insurance broker in that review process?

You trust your insurance broker to review a key contract you utilize every year: your insurance policy. They ensure your company’s risk is properly transferred to the insurance carrier using the most up-to-date coverages, endorsements and enhancements available in the market. But when it comes to reviewing and updating insurance requirements in a contract, the insurance broker is often left out of the picture. Now your attorney is forced to be the legal expert AND the insurance expert.

The modern contract review process involves a meeting between your attorney and insurance broker on an annual basis at a minimum. This collaboration helps ensure you are properly addressing all risks you face before you sign a contract.

Let’s look at some common scenarios in which this updated contract review process could have prevented significant losses.

Employee Engagement. Company Culture. Establishing a positive company culture matters. A company’s culture can be an incredible asset…but if not given the proper attention, it can become your greatest risk.

Culture is the values, beliefs, and the norms of a company. It’s not your policies and procedures; it’s the way you do things. It has many facets. Safety, employee wellness, employee wellbeing, and even the overall organizational health. And in order to establish a positive culture, you must engage your company leaders AND your employees.

According to the U.S. Bureau of Labor Statistics, approximately 250,000 serious injuries occur each year to hands, fingers, and wrists. About 8,000 of these result in amputations. A worker’s hands are so incredibly critical not only to their career, but also their personal lives. Action can be taken to help minimize the hazards to hands, especially through the use of equipment safety mechanisms, personal protective equipment (PPE), and proper training.

As the contractor for a construction project, you are presented with significant risks, especially with each subcontractor you bring onto the job. You may be held liable for damages or injuries caused by the work subcontractors perform on your behalf – that could be an injured employee of a subcontractor or even injuries to on-site visitors. To reduce your exposure to loss and protect your business, it is critical to implement risk transfer strategies.

Risk transfer is shifting risks of loss for damage or injury to another party. For contractors, this means requiring provisions to be included in all subcontractor contracts in order to transfer the risk appropriately.

What Is The Mark Of A Proactive Safety Culture?

Early in my career I spent time working in manufacturing as a safety director. After an injury occurred, we would complete the accident investigation and root cause analysis. We figured out what happened, when it happened, why it happened, and how it happened. From there we determined how to keep the injury from occurring again. But why weren’t we doing this before the injury? Why weren’t we doing inspections, reviews, and managing processes BEFORE an injury to prevent it? Why were we waiting until an injury occurred?

According to the National Institute for Occupational Safety and Health (NIOSH), about 30 million workers in the U.S. are exposed to hazardous noise. One of the most common occupational diseases is noise-induced hearing loss. With this many workers at risk each day, it also means very high risks of workers’ comp claims, which can be very costly to companies. What can be done? How can you protect your workers against hearing loss?

Whether you are building a new structure or renovating an existing one, there are significant risks of loss during the process. In 2011, commercial property losses due to wind and thunderstorms exceeded $30 billion. Meanwhile, fires caused $13.3 billion in direct property damage that year. These are just a few of the risks that construction projects face each day.

Technical knowledge, professionalism, responsiveness, industry knowledge, and transparency are some of the characteristics risk managers are looking for in a broker. In recent years, transparency has been put under a microscope.

The 2 most common ways insurance brokers are compensated are: 

Today’s business climate requires that companies keep an especially close eye on expenses. One area where this monitoring sometimes escapes the attention of accountants, bookkeepers, and others who are responsible for corporate financials is workers’ compensation.

Workers’ compensation claims are ultimately a liability for an employer, whether the actual money paid to the injured worker is done through the state, through a private insurance company, or through the self-insured employer itself. But the direct costs of claims are not the only potential expense that employers can incur when it comes to workers’ compensation. Two very costly mistakes that often escape oversight but that can ultimately have a devastating effect on an employer's financial position include:

• Overestimating the amount of reserves needed to pay particular claims
• Failing to bring injured workers back to transitional duty

All tools have safety considerations, and a ladder is no different. However, when you regularly use a ladder, you may begin to take ladder safety for granted. Falls are a leading cause of injuries and fatalities in the workplace and proper ladder safety is essential. This guide will take you through picking the right ladder, the proper technique for placing and climbing the ladder, and how to conduct maintenance checks to ensure ladders remain safe to use.