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Identifying Construction Risks

Concern by Owners and Contractors over Construction Risk Management

There are many risks involved in the construction industry.  While business owners and contractor perspectives vary quite a bit, there is one aspect of construction which they can both can agree upon.  In a survey done by KPMG, it was indicated that Risk Management was one of the top most concerns.  It ranked in the top three list of concerns for both owners and contractors, indicating that it was indeed an important topic for further analysis.  In addition to risk management, transferring risk was also a focus.

 

Why is Risk Management so important?

When dealing with construction, owners of major construction projects must deal with pressing issues such as capital expenditure, cost overruns, fraud, misconduct, and waste.  The scope of large projects is what exposes contractors to risk, and only by having the right level of oversight can risks be managed.  By effectively managing risk, both the owners and contractors benefit by eliminating issues and costs.

What are Construction Risks?

There are various risks involved in construction.  Anything that causes a project to veer from the initial plan can be considered a construction risk.  This is because it is something that goes beyond the scope of the project, wasting valuable time and money.  Uncertainties, Liabilities, and Vulnerabilities are all examples of Construction Risk.

 

Construction Projects and Risk Management

There are a few steps you can take to ensure that construction risks are lowered.  First off, one can devise a realistic plan and identify which aspects of a project are more risky than others.  Secondly, as a contractor or owner, you can analyze situations in real time, either qualitatively or quantitatively.  Qualitative analysis is when you prioritize risk by how critical certain project objectives are.  Quantitative Analysis is when you use probability to measure the importance of particular task.  Quick response is another aspect of risk management.  By responding to issues as soon as they arise, you can eliminate avoidance of the risks, transference of the risk, and minimize project cost while, at the same time, maintain schedules and quality.

Protecting Your Construction Project From Risk

By focusing on construction risks, project development can occur quickly and efficiently.  It takes proper planning and readjustment to minimize the risk involved with large contracting jobs.  Take a few pointers from this article, and you will find that your company will be much better off in the long run.  Risk is unavoidable, but it is the way in which you manage risk that dictates the success, or failure, of your construction business.



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Get Contractors Insurance: Get Total Piece Of Mind With It!

It certainly seems that more and more contractors are looking for the lowest rates for insurance with the most possible coverage:

“General liability insurance is a small business insurance which covers property damage or bodily injury of the insured due to direct or indirect actions. In this fast pace of world, insurance is evidently a crucial commodity in everyone’s life. It is essential too. When it comes to business insurance, there are many forms which are specially designed to cover the professional risks in their working atmosphere. Contractor insurance is one such form of small business insurance specially made for contractors. It safeguards the contractors and their workers from injury at construction site caused by themselves or due to third party negligence.

Targetinsuranceservices.com is the renowned source in contractors insurance industry which serves contractors to obtain commercial insurance products at most competitive rates. Their services includes worker’s compensation insurance, general liability insurance, commercial auto insurance, business operation policy, etc and by using their services one can protect their assets and live a peaceful life. Here you can experience superior customer service since their support staffs are highly professional and talented.

They have more than 15 years of experience in this industry and this experience helps them to offer best coverage at best price. Here you can get business general liability insurance with great features. Being the leader in this industry, they have been offering services to contractors and providing the best coverage. By using their website one can get online quotes which help them to take right decision regarding contractors insurance. They are the foremost contractor insurance agency in California and they have access to all the top markets which helps their clients to get the quotes to meet their insurance needs.


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What to Demand From Your Contractors Insurance Provider

So here’s a shocker. The insurance world actually moves a lot faster and makes a lot more changes than you can imagine. And that means opportunities for more competition to come in which means more ways for you to save.

But there’s more to it than just writing a check.

There are those things you need to demand from whomever is selling you coverage right now. And if you’re not getting these, well, things must change:

  • You Need The Fast Turnaround Times On Getting Quotes

Whether you’re sitting in your truck outside of the clients’ home, or your putting together a detailed proposal the night before, you have to demand faster quotes.

Minutes matter.

And not getting quotes when you are desperate for them does not pay your cable bills, or your employees and it sure doesn’t pay for that eldest kid of yours to attend freshman year.

  • You Have To Be Able To Get Your Hands On Your Certificates Of Insurance In Less Than 15 Minutes

While you may, and we say may, be able to bid for a job without a Certificate of Insurance, you are absolutely not starting one without it.

Getting it tomorrow and hoping it gets faxed does not cut it any more.

Sorry, it doesn’t.

When time is of the essence (when isn’t it) you need deliverables.

  • You Have To Get In Front Of A Big Number of Companies To Choose From

The days of seeing 5 or 6 options are dead and buried. Start demanding to be an option for dozens of the best companies.

Why?

It’s not just about price. It’s that each and every company has their own nuances and you need to know who has the best price that will play nicest!

  • Starting Now You Only Work With Direct Writers Of Contractors Insurance

There is zero reason for you to go through a wholesaler of contractors insurance when you shouldn’t. You need to work with a company that deals directly with the carriers and does not have to run around them to make things happen.

  • You Need Quotes On The Phone

This one is huge. You have an incredibly packed life. Why would you wait for an email or a call back (maybe???) when you do not have to?

If time is money and yours is precious, there is no reason why you can’t get contractors insurance quotes over the phone today.

ContractorsInsurance.org is the solution you need. Contractors Insurance has been nailing each of these five elements for years and that is surely one of the reasons why we have been in business with thrilled contractors for more than 25 years now.

 
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