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.

Earlier this year the Memphis-Shelby County Airport Authority was forced to postpone the planned demolition of the Regency Hotel, located on airport grounds. In September, the authority announced that it would rebid the demolition project due to an increasingly common issue faced by contractors and local authorities – bad surety bonds.

The lowest bidder, Nelson Inc, was awarded the $485,000 contract to demolish the hotel, but the bid went out the window after it was found that the surety bond, bearing the name of Chubb Insurance, was bad.

A return-to-work program has many benefits, and the pros far outweigh the cons! The proper understanding and communication of the rationale for a return-to-work program will help make the naysayers change their minds. Consider these three benefits:

You can’t eliminate risk. It exists in every line of work. Whether you’re a banker or a construction worker, there are inherent risks that you must identify and manage. Most businesses will be concerned with financial risk. In construction however, risk management is even more vital as it is about keeping people safe. It’s not inconceivable that someone could die on the job. It is, therefore, important that you can plan for every eventuality.

Non-fatal

It isn’t just the potentially fatal injuries you need to be on the look-out for when making your construction risk management plan. Non-fatal injuries to the hands, arms, or legs can have a debilitating effect on a person for the rest of their life. Almost a quarter of construction site injuries are to the hands and fingers due to digits being cut off and hands being crushed or burned. Basic things like gloves and safety guards for machinery can help to avoid these kinds of accidents.

Workplace injuries are a fact of life in some industries. If you work with heavy machinery or spend your day on your feet, you are unlikely to go your entire career without injuring something. Even sitting at a desk typing all day has it’s hazards. Most business owners are very aware of the risks associated with their day-to-day business.

Something that often gets missed is the return to work plan. When people do get injured, inside or outside of work, they will eventually return. As much as you plan to avoid these injuries it’s also important to create a plan to reintegrate injured employees into your workforce.

Develop a Plan