5 Things Insurance Companies Want You to Know About Builders Risk Insurance
October 19, 2021
When does Builder’s Risk Insurance coverage end?
October 26, 2021
One of the most important details about running a construction project, whether new construction or renovation, is the budget. Building owners and other insurable interests, such as the construction company, all want to ensure that the project doesn’t lose money during the course of construction. Today, we’re going to talk about four ways that a business owner can save money while managing a construction project.
4 ways that a business owner can save money while managing a construction project.
Risk Management
One way that a project manager can save money on site is through risk management. Keeping the appropriate number of cameras running, fencing off the site, and requiring helmets, fall protection, and vests where needed are all great ways to mitigate risk while on site. When you create a risk management plan, make sure to look at things like possible physical damage, physical loss, and soft costs from the ground up. Keeping those things in mind will ensure that you’re protected from robbery, accident, and vandalism.
Proper Insurance Coverage
The next major thing that can save your project money is the proper insurance coverage. While it is advised to get full insurance coverage, many projects do not actually require this. This can lead contractors to buy the bare minimum of insurance and get only what is needed rather than making sure that they are fully protected. Understanding your project´s need for things like Builders Risk coverage, Property insurance, Liability insurance, and Inland Marine can help you keep your site from losing money if the worst happens.
Documentation
Small businesses know the importance of documentation. Similarly, construction companies should track everything that’s happening on-site with written or typed messaged, approvals, and notes. A general contractor is often in charge of overseeing a whole project, and all of its moving parts. Doing this job effectively isn’t possible without meticulous notes and an understanding of what happened today, yesterday, and the week before from hours worked down to the truckload or debris removal.
Sub-Contractor Meetings
The final suggestion for money saving solutions on site is to require weekly or bi-weekly sub-contractor meetings. These meetings should be a time for the plan to be updated and new decisions to be agreed upon. Bringing the subcontractors together for these meetings can help to clear up miscommunications and keep everyone on the same page. Simple misunderstandings on timelines, products, or materials can turn into large, costly errors without meetings to clarify.
Save money and have peace of mind
If you are looking for fast and affordable insurance, Builders Risk is the place for you. Visit our website or give us a call at (877)596-1855 to see what we can offer and how we can tailor a policy to your specific insurance needs. And, if Builders Risk isn’t what you need, we can help you find the right type of construction insurance fast.
