Levelset
MARCH 21, 2022
Even though the insurance company isn’t your customer, the property owner may be depending on that insurance check to pay for your work. To cover these expenses, restoration contractors need to manage their cash flow to ensure they have enough money in the bank — especially when the insurance company is dragging their feet.
Levelset
AUGUST 4, 2022
However, like any other business, you need to maintain positive cash flow or you may find yourself unable to pay your workers and other expenses. Let’s take a look at the basics of cash flow and how architects can budget their expenses and forecast their income to stay in good financial standing. Cash flow basics.
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Fieldwire
AUGUST 14, 2023
Construction is one of the hardest industries to manage cash flow in, with contractors often facing large up-front costs and frequent, long delays between expenses and payment. Retainage can cause a cash flow burden for contractors, especially subs at the bottom of the payment chain.
Levelset
APRIL 28, 2022
Subcontractor default insurance is one alternative to a surety bond that works to protect a contractor from the financial burden when one of their subcontractors defaults. Related: 16 types of insurance coverage for contractors. What is subcontractor default insurance? How SubGuard insurance works.
Levelset
APRIL 1, 2022
Materials, insurances, permits, payroll, and other typical costs are relatively simple to account for. Luckily, there are insurance policies that will replace the cost of the stolen goods, such as builders risk insurance. Insurance claims. Restricted cash flow. Learn more about cash flow in construction.
Levelset
AUGUST 17, 2022
Let’s say the total cost of all business expenses is $150,000 (including salary, benefits, licenses, rent, insurance, etc.). Related: An architecture firm’s guide to cash flow. Without cash inflow, companies have no way to pay their employees and vendors. The direct labor cost is $75,000. Utilization rate.
Levelset
AUGUST 16, 2022
The surety is also likely to explore a contractor’s payment history on past projects — an inability to make on-time payments to subcontractors and suppliers can increase the risk of mechanics liens or bond claims. . It is also helpful to provide the surety with a cash flow projection for the project.
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