article thumbnail

9 Types of Insurance You Need to Protect Your Contractor Business

Construction Marketing

As a contractor, you likely know that your business is always at risk. Between the potential for accidents and injuries on the job site and the risk of lawsuits, it’s important to have insurance to protect yourself from financial losses, but what kind of insurance do you need? Builders Risk Insurance.

Insurance 156
article thumbnail

Contracts need risk management

Construction Law

More than ever, a watchful eye will have to be kept on programmes; just as over-optimistic schedules will risk big problems somewhere along the critical path. It is poor risk management, unsuited to the increasingly sophisticated commercial world that contractors have to inhabit. Nick Barrett.

Risk 52
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

10 Best Insurance Companies for Construction Businesses

Levelset

They offer a full range of business insurance policies, including general liability, commercial auto, workers’ compensation, and umbrella. And they offer risk specialists to help your business minimize losses. Policies offered include general and professional liability, workers’ compensation, commercial auto, and tools and equipment.

article thumbnail

Efficient LEAN Construction Delivery

Job Order Contracting

Compensation. Individually pursued, first-cost focus (lowest price of design and construction of the building alone, without maintenance and other costs). Unilateral effort, allocate and transfer risk, no sharing. Multilateral, open sharing of risk and information, inclusive of Operations Manual/Execution Guide.

article thumbnail

Collaborative Construction Solution – Public Sector

Job Order Contracting

Traditional contracting methods typically involve the non-owner participants tendering a lump-sum price based on the owner’s proposed allocation of responsibilities and risks.

article thumbnail

What is Experience Modification Rate (EMR), and How Does it Impact Prequalification?

Safety Services Company

Insurance companies use the number to assess the cost of injuries and future risks. Lowering your EMR is important, as you can greatly reduce the amount you pay for workers’ compensation coverage. Your company has filed one or more workers’ compensation claims. Across the board, the industry average for EMRs stands at 1.0.

article thumbnail

Prepare for Management Compensation and Bonus Reviews

PSMJ Resources

If you serve government clients, you should be prepared to support your management compensation and bonuses as the year end approaches. There is increased concern among various segments of our public sector clients over compensation and bonuses in A/E firms. Generally, this requires that you have survey support for base salaries paid.