How Safety And Insurance Can Help Your Construction Business Thrive

If you're a building contractor that manages several contractors and employees, there are many things to consider at all times. While your number one goal is having a thriving financial business, you'll have to make sure an incident such as a bad installation doesn't cripple your business financially. Here are just a few ways that implementing safety measures and insuring each job can protect your finances.

Generate A Safety Plan

Most businesses that are licensed or regulated by the state have to abide by OSHA law and regulations. While this is important for safety within the office or shop, it doesn't always follow in areas outside of the workplace. If core employees spend most of their day on a remote construction worksite, they need an additional safety plan to follow. Create a plan that addresses:

  • Construction site safety
  • Dangerous material or poor worksite conditions reporting
  • Accountability and tracking accidents and incidences
  • Addressing proper attire on the worksite
  • A checklist of materials and legal paperwork to have on hand at each job site

Making sure that a working safety plan is in place for all employees, will make it easier to stand behind accountability and address safety issues should an accident or incident arise.

Be Sure To Have A Surety Bond In Place

By law, for most jobs, contractors must have a surety bond to perform onsite work to homes and businesses. This is a liability issue and a viable contract. It provides a blanket of security for both the consumer and the contractor should an accident occur or the job is not performed or fulfilled per contractual obligation. Surety bonds range in time frame and amount. You'll have to make sure that the contractor bonds meet the standards set forth by the obligee or entity requiring the bond. Having your lawyer look over the contract will ensure you are getting the best bond for your money and that all requirements are being met.

Hire A Lead Contractor

If you're the lead contractor or foreman for your job crew, you understand that safety comes first. If you can't be on each job overseeing the process from start to finish, hire a foreman to assist you on other worksites. Having a lead contractor that is knowledgeable with the end result will be will help you save time and money on each job. It will also ensure that workers are following safety rules and guidelines.

Obtain The Right Insurance For Your Assets

In addition to a surety bond, you'll want to consider the amount and type of insurance you need for your workers and all aspects of your business. Don't forget about the equipment rented or used on the job, including:

  • Work trucks and trailers
  • Heavy equipment machines such as backhoes, forklifts and front loaders
  • Scaffolding, ladders and related climbing equipment
  • Power and hand tools
  • Concrete materials and related supplies
  • All fencing, trailers and other items needed for completing each job

In addition, all products and materials bought for each specific job need to be secured and also insured, in the event of damage or theft. This will help save you money from having to replace these items.

If you combine safety measures and insuring everything that you purchase or use in relation to each job, you're securing your company and financial future. Contact your insurance agent or attorney to go over how much insurance you need to back your company today.