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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, for example, 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.
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 your construction documents might require certain details about the insurance policy, most are not. This can lead to you getting just what is needed rather than making sure that you are fully protected. Keeping in mind your job site‘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 endeavor to 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 it’s 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 way to encourage money savings on site is to require sub-contractor meetings at a regular interval. These meetings should be a place where the plan is updated and times and dates for important events are set in stone. Bringing the subcontractors together for these meetings can help to clear up miscommunications and keep everyone on the same page. Simple misunderstandings on time, product, or material can turn into large, costly errors without meetings to clarify the present situation.
If you are looking for savings in the insurance department, Builder’s Risk is in an insurance company that offers to help lower the insurance cost that your small business faces every day. Visit our website to see what we can offer and how we can tailor a policy to your insurance needs. If builder’s risk isn’t what you need, we can help you to find the right type of construction insurance fast.
