Building insurance is the best way to reduce your exposure to loss when you are unable to eliminate a risk. You can minimize your risk through various means but there are things that are beyond your control. Examples of these are fire, theft, vandalism and bad weather. The right Insurance is one of the strategies of a successful construction business.
Other practices include running a safe construction site and good leadership and management practices. Let’s unpack these three concepts for a better understanding.
Building Insurance and Managing Risk
Many things happen on building sites every day that are beyond your control. Builder’s Risk Insurance can protect you from a potential financial loss. You can tailor your policy so that it covers you for the construction specific damages you want to avoid.
What is in a Builder’s Risk policy?
Some of the possible inclusions and endorsements are:
- Property replacement
- Adverse weather events
- Removal of debris
- Contamination clean-up
- Protection of important documents
- Delays due to building ordinance changes
Our agents at Farmer Brown Insurance have the expert knowledge to write up a policy that meets your needs. This building insurance means if one of your risks materializes, you have the financial recourse to make things right. That is a winning strategy for any business.
Practicing Good Safety on Site
Construction is a dangerous business. When it comes to deaths that occur as a result of work, 1 in every 5 is a construction worker. Health and safety regulations provide clear guidelines and following them is essential. It is always better to prevent an accident in the first place. It is also important to make sure you have Workers Compensation in the unhappy event that an accident does occur.
Safety and Happy Staff Go Together
As an employer your first priority is ensuring that your workplace is as safe as possible for employees and visitors alike. Taking care of the well-being of your staff results in better morale, less staff turnover, and greater productivity. These are a good basis for success.
Leadership & Management
Leadership is about people. Management is about processes. You need both of them for a successful business.
As a leader your role is to set the direction for your team, and to empower and grow them. In your role as a manager you need to develop and implement processes and systems so the work gets done. These should preferably reusable so you build an efficient and sustainable business.
Implementing these 3 practices can help drive success in your construction business. There are many books available to grow your leadership skills. The construction industry has a number of tools that help with planning, costing and control to assist in the management of your business. When it comes to building insurance, however, it pays to speak to the experts.
Get your Building Insurance from Farmer Brown Insurance
Farmer Brown Insurance has built a AAA rating by providing clients with the insurance solutions for their business. Building insurance can be complicated but we are industry experts. We will tailor your policy so your business is protected. Call Farmer Brown Insurance on (888) 973-0016.